How exactly do you figure that? Like any other quango, they are almost entirely unaccountable to anyone except their own staff. A Politician might be able to cause a stink but that's assuming they knew enough about what was going on and they probably don't.
The elected representatives of the English people could shut down the Bank tomorrow, or today.
>The elected representatives of the English people could shut down the Bank tomorrow, or today.
There is a certain irony in this statement, given that such an act would require approval from the queen.
Let's be serious.
*In theory. However, in practice...
The BoE is independent. That's a good thing generally - it doesn't have to bow to pressure from whatever party happens to be in power at a specific time.
Right, most central banks have some insulation from politics. BoE's independence is granted by Parliament, and can be taken away at any time.