UK MPs to Scrutinize BoE Independence Amid Economic Shift

The Bank of England's role in monetary policy is set to be examined by MPs after 30 years of independence.

Since 1997, when it was granted autonomous powers to set interest rates, the economy has undergone significant changes.

CPI inflation has improved, averaging 2.5% since independence compared to 7.3% between 1967 and 1997.

However, the UK's national debt is now far larger than it was three decades ago, and inflation has been above target for most of the last five years.

The Treasury Select Committee will consider how the Bank's independence has impacted the country and the credibility of the UK economy.