Select Committee on Treasury Minutes of Evidence

Examination of Witnesses (Questions 298-299)


8 MAY 2007

  Q298 Chairman: Welcome to the Treasury Committee inquiry into the MPC: ten years on. Would you like to introduce yourselves?

  Dr Potter: We apologise for John Parker, the Chairman of the Court, not being here. I am technically the Deputy Chairman of the Non-executive Directors and Chairman of the Remuneration Committee of the Bank.

  Ms Fawcett: I am an Executive Director of the Court and Chairman of the Audit Committee.

  Q299  Chairman: May I ask a general question to begin with? In relation to the MPC, what do you regard as your overall role and how do you discharge your responsibilities?

  Dr Potter: Our general role in the Bank is the governance and oversight of the management of the Bank as a whole, and the Bank of course carries out many functions, including the implementation of monetary policy (that is the setting of interest rates) but the formulation of interest rates of course is the responsibility of the Monetary Policy Committee. Our role is to oversee that the processes and procedures there are working well and effectively.

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