On Thursday, 24th April, the Industry and Parliament Trust (IPT) organised a cross-party visit to the Bank of England, bringing together a delegation of seven Members of Parliament and four Members of the House of Lords.

The visiting MPs included Alison Griffiths MP, Rt Hon Sir Alec Shelbrooke KBE MP, Callum Anderson MP, Dr Darren Paffey MP, Julia Lopez MP, Patrick Hurley MP, and Sean Woodcock MP. They were joined by four Peers: Lord Altrincham, Lord de Clifford, Lord Elliott of Mickle Fell, and Baroness Hooper.

Founded in 1694, the Bank of England began as a private institution serving as the Government’s banker. It was nationalised in 1946, placing its governance under public control. Today, the Bank’s mission is to promote the good of the people of the United Kingdom by maintaining monetary and financial stability.

The visit featured a series of insightful presentations and an engaging Q&A session. Nat Benjamin, Executive Director for Financial Stability Strategy and Risk, opened the morning by outlining the role of the Financial Policy Committee (FPC). This was followed by David Bailey, Executive Director for Prudential Policy, who gave a concise overview of the work of the Prudential Regulation Committee (PRC).

The Bank’s Chief Economist, Huw Pill, provided a detailed explanation of the Monetary Policy Committee’s (MPC) role in tackling inflation by adjusting interest rates. The final presentation was delivered by Andrea Rosen, Director of Markets, who explored the Bank’s approach to market intelligence and analysis.

The visit concluded with a group photo and an excellent guided tour of the Bank, offering a glimpse into its storied history and architectural legacy.

We extend our sincere thanks to the Bank of England for hosting such a valuable and engaging visit, and to all the Parliamentarians who took part in the day.