The Bank of England is “years out of date” in how it works and its credibility is at risk, MPs say today in a highly critical report.
The Commons public accounts committee warns that the Bank has undermined its authority to demand compliance from the industry after it failed to take disciplinary action against officials who violated its procurement policy up to 200 times in a year.
The cross-party group of MPs also raises doubts about whether the Bank will hit employee diversity targets next year and urges it to “optimise the value” of its property portfolio, including the suitability of its sports centre in Roehampton, southwest London, of which only 13 per cent of staff are members.
