The bank’s reports

The Stockton Review found the Bank of England needs to make changes to improve inflation and growth forecasting

It should hire more staff to improve predictions, and make sure to listen more closely to staff’s ideas

The Bank should consider giving more information on forecasts to the public

And the Monetary Policy Committee should listen more to members who disagree with the consensus view, and consider making the varying predictions more publicly available

Ex-JP Morgan banker Bill Winters reviewed the Bank’s framework for providing liquidity to the financial system

He praised the Bank for adapting its liquidity offerings as the financial crisis has evolved

And he said the Bank’s governance structure works well, with the governor effectively delegating to, and consulting with, deputies

But Winters also said the Bank of England needs to take more steps to ensure it could cope with a non-bank financial crisis

Former MPC member Ian Plenderleith was commissioned to write a report on emergency liquidity assistance

He too praised the Bank of England for acting quickly to aid HBOS and RBS

Plenderleith said the secret nature of the aid must also be repeated in future, possibly by periodically forcing banks to take help, disguising any real aid later

And he also said the Bank should consider getting more indemnity from the Treasury to reduce its risks when helping banks