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| Version 1 | Version 2 |
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| MPs question Bank of England expenses over £390,000 travel bill | MPs question Bank of England expenses over £390,000 travel bill |
| (21 days later) | |
| The Bank of England has been criticised after two of its economic advisers spent almost £400,000 on travel expenses in two-and-a-half years, including more than £11,000 on one flight. | The Bank of England has been criticised after two of its economic advisers spent almost £400,000 on travel expenses in two-and-a-half years, including more than £11,000 on one flight. |
| Donald Kohn and Anil Kashyap, members of the financial policy committee (FPC), were accused of running up a “staggering” bill by MPs on the Treasury committee when the details emerged during a hearing on Tuesday. | Donald Kohn and Anil Kashyap, members of the financial policy committee (FPC), were accused of running up a “staggering” bill by MPs on the Treasury committee when the details emerged during a hearing on Tuesday. |
| Bank of England challenged over 'gobsmacking' travel expenses - business live | Bank of England challenged over 'gobsmacking' travel expenses - business live |
| Simon Clarke MP said the figures had “disturbing echoes” of the MPs’ expenses scandal. “One of the most important aspects of the culture of any public institution is of course that it provides value for money to the taxpayer,” he added. | Simon Clarke MP said the figures had “disturbing echoes” of the MPs’ expenses scandal. “One of the most important aspects of the culture of any public institution is of course that it provides value for money to the taxpayer,” he added. |
| “In the last two-and-a-half years two members of the FPC, Mr Kohn and Mr Kashyap, have incurred £390,000 in travel expenses, which is simply a staggering sum.” | “In the last two-and-a-half years two members of the FPC, Mr Kohn and Mr Kashyap, have incurred £390,000 in travel expenses, which is simply a staggering sum.” |
| The pair are based in the US and Clarke said the £11,084.89 flight for Kashyap from Chicago to London would leave his constituents “gobsmacked”. | The pair are based in the US and Clarke said the £11,084.89 flight for Kashyap from Chicago to London would leave his constituents “gobsmacked”. |
| Kohn spent £8,000 on a flight from Washington to London and £469 on taxis as part of expenses for a single meeting. | Kohn spent £8,000 on a flight from Washington to London and £469 on taxis as part of expenses for a single meeting. |
| The Bank is partly funded by taxpayers. | The Bank is partly funded by taxpayers. |
| Bradley Fried, chair of the Bank’s court of directors, the organisation’s governing body, was subjected to an hour-long questioning in which he attempted to defend the outlay, saying the expenses should be considered in the context of their skills and contribution. | Bradley Fried, chair of the Bank’s court of directors, the organisation’s governing body, was subjected to an hour-long questioning in which he attempted to defend the outlay, saying the expenses should be considered in the context of their skills and contribution. |
| “Having seen these committees in action, and seen the contributions they’ve made, as high as their expenses have been, also staggering has been their contribution,” he said. | “Having seen these committees in action, and seen the contributions they’ve made, as high as their expenses have been, also staggering has been their contribution,” he said. |
| Clarke also referenced a near-£100,000 Bank of England summer party. The Conservative MP said at that cost, it must have been “one hell of a party”. | Clarke also referenced a near-£100,000 Bank of England summer party. The Conservative MP said at that cost, it must have been “one hell of a party”. |
| “There is something awry here with the culture that allows this kind of spending to be considered to be normative,” he added. | “There is something awry here with the culture that allows this kind of spending to be considered to be normative,” he added. |
| The FPC’s remit is to identify, monitor and take action to remove or reduce systemic economic risks and enhancing the resilience of the British financial system. | The FPC’s remit is to identify, monitor and take action to remove or reduce systemic economic risks and enhancing the resilience of the British financial system. |
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| Financial policy committee | Financial policy committee |
| news | news |
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