The Bank of England has been operationally independent for 30 years, yet parliamentary scrutiny has barely evolved. As the BoE enters its fourth decade, critics argue that MPs must review its 2% inflation target, reassess the widening remit that now includes climate, AI, and housing finance, and tighten oversight of quantitative easing, which at its peak approached £130bn of taxpayer exposure. The Monetary Policy Committee’s original 2.5% target set by Gordon Brown has been refined, but the precision of a fixed 2% figure is questioned, especially after former US Fed governor Kevin Warsh warned that point estimates invite policy errors.

Meanwhile, Governor Andrew Bailey acknowledges that expanding responsibilities make decision‑making “more complicated,” yet these new duties are rarely debated in Parliament. Performance missteps, such as misreading 2021 inflation as transitory, have highlighted flaws in forecasting models and a potential culture of groupthink. The BoE’s Independent Evaluation Office, meant to guard against such biases, faces dismantling, raising doubts about accountability.

To preserve public trust, parliament should hold a joint committee every five years to evaluate the BoE’s remit, performance, and leadership appointments.