The governor of the Bank of England has stressed the importance of the bank’s independence, as an argument for the government’s future power over regulators is spreading.
In a letter to Mel Stride MP on 27 July, responding to the introduction of a new bill in Parliament, Andrew Bailey said: “regulatory independence is important… anything that would weaken the independence of regulators would undermine the aims of the reforms.” .
Bailey said he welcomed the Financial Services and Markets Bill, which aims to create a “robust, accountable and internationally respected” approach to financial services regulation in the UK.
“We support proposals for regulators to have increased responsibility for setting regulatory requirements, operating within a strong policy and accountability framework established and overseen by parliament,” he said.
Bailey said regulatory independence is important to the competitiveness of the UK financial sector.
The FSM Bill, if passed, will repeal EU rules on Britain’s financial services industry.
Foreign Secretary Liz Truss, currently front-runner in the Conservative Party leadership race, recently said that if elected, she would change the mandate of the central bank to ensure inflation control and hinted at her support for disputed “summoning” powers..
Speaking at a party earlier this month, Truss said: “The best way to deal with inflation is monetary policy and what I have said is that I want to change the mandate of the Bank of England to make sure that in the future to match some of the most effective central banks in the world at controlling inflation.”
Inflation is currently at 9.5 percent and has exceeded the central bank’s two percent target since May last year.
Truss has also said she will press ahead with the introduction of powers to allow ministers to “call in” regulatory decisions in the public interest.
The plans were originally proposed as part of the Financial Services and Markets Bill, however they were dropped from the latest draft of the legislation, released last month.
In the letter released today, Bailey said the Prudential Regulation Authority will publish a discussion paper in September setting out its “vision” for implementing the framework.
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