Search Legislation

Advanced Search

Bank of England Act 1998

Status:

This is the original version (as it was originally enacted).

13Monetary Policy Committee

(1)There shall be a committee of the Bank, to be known as the Monetary Policy Committee of the Bank of England, which shall have responsibility within the Bank for formulating monetary policy.

(2)The Committee shall consist of—

(a)the Governor and Deputy Governors of the Bank,

(b)2 members appointed by the Governor of the Bank after consultation with the Chancellor of the Exchequer, and

(c)4 members appointed by the Chancellor of the Exchequer.

(3)Of the 2 members appointed under subsection (2)(b)—

(a)one shall be a person who has executive responsibility within the Bank for monetary policy analysis, and

(b)the other shall be a person who has executive responsibility within the Bank for monetary policy operations.

(4)The Chancellor of the Exchequer shall only appoint a person under subsection (2)(c) if he is satisfied that the person has knowledge or experience which is likely to be relevant to the Committee’s functions.

(5)Schedule 3 shall have effect with respect to the Committee.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources