MPs lambast Bank’s secrecy

AN INFLUENTIAL committee of MPs has criticised the Bank of England for excessive secrecy and a lack of accountability, particularly surrounding its actions during the financial crisis.

The Treasury Select Committee (TSC), led by Andrew Tyrie, yesterday published its correspondence with Sir David Lees, chairman of the Bank’s court. The letters reveal that Lees repeatedly refused requests by Tyrie to see minutes of meetings held in the run-up to the Northern Rock crisis.

Tyrie said: “The court’s response is a reflection of the problem ...[with] the accountability of the Bank.”