Overview
The IEO is an independent unit that sits within the Bank. It operates at arm’s length from other areas so as not to compromise the independence of the Bank’s policy making. The Court of Directors has a statutory obligation to keep the Bank’s performance under review, and the IEO supports this through its in-depth evaluations. When necessary, the IEO also supports reviews carried out by independent third parties.
The IEO reports directly to the Chair of Court, who sets the IEO’s remit and work programme, typically in consultation with other Court Directors.
If you have any questions or you would like to give feedback on the Independent Evaluation Office’s work, email independentevaluation@bankofengland.co.uk.
Terms of reference for the IEO
The Independent Evaluation Office 2023/4 work programme
The IEO is continuing to support a review, led by Dr Ben Bernanke, of the Bank’s approach to forecasting during times of significant uncertainty. Work on this review began in summer 2023, with findings expected to be published in spring 2024.
In December 2023, Court also commissioned the IEO to carry out an evaluation of the PRA’s approach to competitiveness and growth, in light of its new secondary objective. Work on this evaluation began in 2024 and is expected to be published alongside the PRA’s Annual Report. Once that evaluation is published Court has asked the IEO to then consider the Bank’s approach to horizon-scanning across its policy functions.
