View more on these topics

Tyrie demands MPC code of conduct overhaul

Treasury select committee chairman Andrew Tyrie has written to the Bank of England to demand a review of its code of conduct for monetary policy committee members.

In a letter to Bank governor Mark Carney today, Tyrie says the appointment of Gertjan Vlieghe to the committee suggested the need for an overhaul.

Vlieghe was appointed to the committee in late July, as a former partner and senior economist at fund management group Brevan Howard Asset Management.

However, it later emerged that he would retain a share in its future earnings, raising questions about a possible conflict of interest with Vlieghe’s role helping to set the Bank’s base rate.

Vlieghe later reached a deal to buy him out of his stake with Brevan Howard.

In the letter, Tyrie writes: “It is essential that those appointed to the MPC have no conflicts of interest, nor perception of them.

“A well designed code of conduct, sensibly applied, should be capable of achieving this without diminishing the quality of applicants.”

A Bank spokeswoman confirmed that it had received Tyrie’s letter and that it would be responding, but declined to comment further.



Lender tax changes ‘will be disproportionate’

Nationwide has attacked the Chancellor’s decision to change the way lenders are taxed, warning it will have a “disproportionate effect on building societies”. In the Summer Budget, George Osborne revealed the bank levy would be reduced gradually from 0.21 per cent to 0.1 per cent in 2021. However, an 8 per cent bank surcharge on […]


Average house price up 5.7% to £277k

The average UK house price rose by 5.7 per cent to £277,000 in the year to June, according to the Office for National Statistics. On a monthly basis, prices were up 0.4 per cent from May. Northern Ireland experienced the largest growth over the year, at 9 per cent, followed by England at 6.1 per […]


Canada Life re-enters individual protection market

Canada Life has returned to the individual protection market with the launch of four products under the new CanProtect brand. The provider pulled out of individual protection sales back in 2006 but has now launched four new plans: life cover only, level term plus and decreasing term plus which includes additional critical illness cover. The […]


News and expert analysis straight to your inbox

Sign up