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MPs tell Bank of England to ‘get its house in order’ or risk credibility

No disciplinary action has been taken against staff, despite 200 breaches of rules on spending over £25,000 

Yui Mok/PA

The Bank of England has been told it risks losing its credibility as a institution if it fails to address a lack of diversity and cut costs.

Threadneedle Street was riddled with “needlessly complex and costly” procedures, MPs on the Public Accounts Committee, said on Wednesday.

The criticism follows a National Audit Office report into the Bank’s operations released late last year. It revealed that staff at the Bank had violated its procurement policy as many as 200 times for purchases over £25,000.

The Bank has since promised to introduce new procurement rules from April and set up a regime to tackle non-compliance.

Meg Hillier, committee chairman, said it was “concerning” that no disciplinary…

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