Bank of England urged to publish full review of crisis

30 March 2012

Bank of England urged to publish full review of crisis
Andrew Guy Tyrie - Chairman, UK Treasury Select Committee

The Bank of England (BoE) should release details of the errors it made when trying to handle the recent economic crisis, a leading Treasury official has stated.

Earlier this month, the Treasury published a 60-page "lessons learnt" report in which it admitted to a wide range of mistakes it committed both prior to the recession beginning and while it was ongoing.

For instance, the department admitted it failed to properly foresee the problems and was also too slow in its recruitment process to get additional staff in to help deal with the crisis as it threatened to escalate.

And, according to the Guardian, Andrew Tyrie, chairman of the Treasury select committee, has now called on the BoE to follow suit and put together a similar document.

"The fact it has not yet been done is a reflection of the defects in the BoE's corporate governance which must now be remedied by the legislation currently before the House," he noted.

By Gary Cooper

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