Select Committee on Treasury Written Evidence

Letter from the Governor of the Bank of England to the Chairman

  Together with other members of the Monetary Policy Committee, I will be appearing before the Treasury Committee on 20 September. In advance of our regular appearances before the Committee I normally circulate to you the text of a short opening statement which I make before questioning starts.

  Since we last met in June the turmoil in financial markets, which continues, has clouded the outlook. Given the importance and complexity of developments in financial markets, a more extensive explanation of the Bank's analysis and judgments would perhaps be helpful to the Committee. Inevitably, such an explanation will be longer than my usual opening statement, and for that reason I believe it would be helpful if that statement were provided in advance of our appearance before the Committee. I am conscious that in sending you this statement I am taking a snapshot of a fast moving situation with a long exposure camera.

  I am grateful to you for allowing me to make public today the attached statement. I look forward to our meeting with the Committee on 20 September.

12 September 2007

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