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<p>The powers set out in section 19 of the Bank of England Act 1998 cannot be removed
or amended except by further legislation approved by Parliament which amends that
section of the 1998 Act.</p><p> </p><p>The Treasury may only make an order giving
directions under section 19 after consultation with the Governor of the Bank of England,
if the directions are required in the public interest and by extreme economic circumstances.</p><p>
</p><p>Since the Monetary Policy Committee was given operational independence in 1997,
covering the worst financial crisis in generations leading to the deepest recession
since the Second World War, these powers have never been used.</p><p> </p><p> </p>
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