MPs accuse Bank of 'incompetence'

TORY MPs are demanding a review of the Bank of England's independence, accusing it of costing taxpayers thousands of pounds.

- Christopher McKeon

The group of 44, including Sir Jacob Rees-Mogg, Sir Iain Duncan Smith and Suella Braverman said they were "deeply concerned that the Bank of England is out of step with the central banks of most major economies".

They pointed to its approach to quantitative tightening the selling of government bonds the Bank had previously bought in a bid to stabilise the economy.

In a letter to the Chancellor, the MPs criticised the Bank for making taxpayers liable for any losses from the sell-off.