ANOTHER BANK OF ENGLAND SNUB EMERGES FOR INQUIRY INTO FINANCIAL CRISIS

ANOTHER BANK OF ENGLAND SNUB EMERGES FOR INQUIRY INTO FINANCIAL CRISIS

HAVE THEY GOT SOMETHING TO HIDE?

Following yesterday’s refusal by the Bank of England to accept an invitation to give evidence to the Scottish Parliament’s Economy Committee, the Deputy Convener of the Committee, Rob Gibson MSP, has accused the Bank of double standards, after it was revealed by the Scottish Chambers of Commerce that the Bank of England’s Monetary Policy Committee is to visit to Scotland later this month.

Yesterday it emerged that while the Bank of England was refusing to co-operate with the inquiry set up by the Committee, the Bank of England’s Deputy Governor, Charles Bean, has agreed to deliver a lecture at the University of the Highlands and Islands in Inverness.

The snub by the Bank of England is in stark contrast to the Office of Fair Trading, the Financial Services Authority and UK Financial Investments who are all set to give evidence at the inquiry.

Commenting on the latest evidence of the Bank of England’s contemptuous attitude to the inquiry Mr Gibson, member for the Highlands & Islands, said:

"This is yet more clear evidence that the Bank of England is running scared of the Committee’s inquiry. It beggars belief that they can make themselves available all over Scotland but not in the country’s Parliament!

“Despite these repeated requests from the Committee for a representative to give evidence they have refused point blank and only offered high-minded patronising statements.

“This is an important inquiry, but without an examination of the Bank of England’s role in recent economic events we cannot get to the bottom of what happened in the industry and, more importantly, focus on the future.

"The inquiry has questioned many, including the BBC's Robert Peston, and will take evidence from the OFT, the FSA and UK Financial Investments. That the Bank of England cannot appear only makes people wonder if they have got something to hide?”