2 May 2023 - BoE jealously guards its Independence
The Bank of England again finds its independence under threat as the Government apparently wanted the new member of the Monetary Policy Committee to be from the Treasury. Governor Andrew Bailey held firm in discussions with the Prime Minister and Chancellor of the Exchequer after it was agreed that Silvana Tenreyro would leave her role in two months' time. It was agreed that the new member of the Committee should be Megan Greene, a candidate who is well known in the City as the Chief Global Economist of U.S. private investigations and advisory firm Kroll. Bailey disagreed in principle with Jeremy Hunt over the appointment of Tenreyro’s replacement since he believed that it would send the wrong message to the markets. It was felt that his reporting of MPC decisions and his responsibility for testifying before the Treasury Select Committee could be second guessed by a member who has dual loyalties. While the domestic housing market continues to falter, there was more bad news for the sector from commercial real estate which has seen a slump in activity as the economy continues to weaken. Beyond Currency Market Commentary: Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.