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Andrew Bailey postpones a rare meeting with Tory MPs because of questions about the Bank’s independence

Andrew Bailey postpones a rare meeting with Tory MPs because of questions about the Bank’s independence

Bank of England Governor Andrew Bailey postponed a rare meeting with Tory MPs over questions of the Bank’s independence.

Bailey was due to address the Committee of 1922 today, hours after Chancellor Rishi Sunak outlined the government’s plans to restore the economy.

Questions have been raised about the timing of the meeting, with some Tory backseat members suggesting the Bank trade with the Treasury.

Meeting postponed: Bank of England Governor Andrew Bailey delivered the 1922 Committee's speech today

Meeting postponed: Bank of England Governor Andrew Bailey delivered the 1922 Committee’s speech today

But the Bank postponed it to a later date because it contradicted Sunak’s statement. The decision was welcomed by Sir Bernard Jenkin, a senior Tory Member of Parliament.

He said, “I don’t think there is any doubt about Mr. Bailey’s independence, and I’m sure he accepted the invitation with the best of intentions.

But accepting could be misunderstood and it is good that he stepped back. ‘

Bailey should have explained the consequences of the pandemic, but may have had questions about the Bank’s independence.

The meeting would be the first between a governor and the committee since Eddie George reigned between 1993 and 2003.

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