Can the Chancellor still influence voting patterns in the Monetary Policy Committee at the Bank of England?
Hix, S., Vivyan, N. & Hoyland, B.
(2010).
Can the Chancellor still influence voting patterns in the Monetary Policy Committee at the Bank of England?
(2010).
Can the Chancellor still influence voting patterns in the Monetary Policy Committee at the Bank of England?
The MPC at the Bank of England was set up to make independent judgements about interest rate policy. But after studying every decision the Committee made over an eleven year period, Simon Hix, Nick Vivyan and Bjørn Høyland find evidence that by appointing members of the MPC the Chancellor of the Exchequer has been able to alter the balance of votes there. The Treasury still gets to shape the Bank’s decision-making to some extent.