MNI BRIEF: BOE Remit Should Be Reviewed Every 5 Years-UK Lords

The UK Parliament should conduct an "overarching review of the Bank's remit and operations every five years", thereby boosting the ability of legislators to hold Threadneedle Street to account and express its view on the Bank’s performance and leadership, a report published Monday concludes.

The report by the House of Lords Economics Affairs Committee says the "policy errors" in recent years as inflation rose had tested the BOE's framework of operational independence and resulted in a pblic loss of confidence in the institution.

Recomendations in the report include a Treasury pruning of the Bank's "much expanded" remit, ensuring policymakers and officials are focused on its "primary objectives of tackling inflation and ensuring financial stability".