The Bank of England (the Bank) has statutory responsibilities for monetary policy and financial stability, and independence from the government to carry out these responsibilities as enshrined in the Bank of England Act (1998). The Bank is accountable to both the public and to Parliament, through scrutiny by the Treasury Committee.<\/p>
<\/p>
The remit of the independent Monetary Policy Committee (MPC) is set by the Chancellor, and is reaffirmed annually through an exchange of open letters with the Governor of the Bank.<\/p>
<\/p>
The separation of monetary and fiscal policy is a key pillar of the government\u2019s macroeconomic framework. As such, the responsibility for financing the government\u2019s needs was transferred from the Bank to the UK\u2019s Debt Management Office (DMO), an executive agency of HM Treasury, in 1998. The Treasury sets the DMO\u2019s objective for debt management independently of monetary policy.<\/p>
<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4689", "label" : {"_value" : "Biography information for Lord Agnew of Oulton"} } , "answeringMemberPrinted" : {"_value" : "Lord Agnew of Oulton"} , "dateOfAnswer" : {"_value" : "2020-06-03", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2020-06-03T16:22:14.067Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2020-05-21", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Public Sector Debt"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask Her Majesty's Government which (1) department, (2) executive agency, (3) board, (4) court, or (5) other body, is responsible for ensuring that the Bank of England\u2019s independence is not compromised through the financing of UK Government debt.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/3869", "label" : {"_value" : "Biography information for Lord Myners"} } , "tablingMemberPrinted" : [{"_value" : "Lord Myners"} ], "uin" : "HL4853"} ], "itemsPerPage" : 10, "page" : 0, "startIndex" : 1, "totalResults" : 1, "type" : ["http://purl.org/linked-data/api/vocab#ListEndpoint", "http://purl.org/linked-data/api/vocab#Page"]} }