The Treasury Committee has established a practice of holding hearings with individuals appointed to the Monetary Policy Committee (MPC) of the Bank of England and issuing short Reports on their personal independence and professional competence.

In this Report we emphasise the value of hearings with those re-appointed to the MPC. Such hearings provide a chance to assess members of the MPC against our criteria in the light of information acquired during our on-going scrutiny of the MPC's work. Such hearings also form part of the wider structure of continuing parliamentary accountability for the work of the MPC.

We welcome the Chancellor of the Exchequer's explicit recognition of the value of pre-commencement hearings for those re-appointed to the Monetary Policy Committee and his broader commitment to seek to give three months' notice of appointments to the Monetary Policy Committee.

We are satisfied that Dr Andrew Sentance continues to meet the criteria by which we assess those appointed to the MPC—namely, personal independence and professional competence—and we wish him success in his continuing role.