§ Mr. Litterickasked the Chancellor of the Exchequer what are the duties and responsibilities of the Governor of the Bank of England; who is responsible for determining what the Governor's duties shall be; and to whom the Governor is accountable for his actions.
§ Mr. HealeyThe duties and responsibilities of the Governor are to direct the Central Bank in all its functions. The Governor is appointed by Her Majesty the Queen and the recommendation of the Prime Minister. The Governor advises me on financial and economic matters, and is responsible to me for the Bank's giving effect to the Government's domestic and external monetary policy.
§ Mr. Litterickasked the Chancellor of the Exchequer what is the salary of the Governor and Deputy Governor of the Bank of England; and how these salaries are fixed.
§ Mr. HealeyAs is stated in the annual report and accounts of the Bank for the year ended 29th February 1976, the emoluments of the Governor were £32,000 during that year. The annual accounts contain information as to the remuneration of the other members of the court in the form required of companies under the Companies Act. Under Clause 12 of the Bank's Charter of 1st March 1946, granted when the Bank was brought into public ownership, the Governor and Deputy Governor receive fees, respectively, of £2,000 and £1,500 per annum —the fees then in force—together with such additional remuneration in respect of their exclusive service to the Bank as the Court of Directors may decide.