1957 Bank Rate Tribunal
The Bank Rate Tribunal was a 1957 United Kingdom tribunal established under the Tribunals of Inquiry (Evidence) Act 1921 to inquire into the allegations that an increase in Official Bank Rate had been improperly discussed ahead of its public announcement by the Bank of England. Rumours and allegations had circulated that some financiers had taken advantage of their advance knowledge of a planned Bank rate rise, and so the inquiry primarily sought to establish whether there had been a form of insider trading.
The Tribunal took evidence in the winter of 1957, under the chairmanship of
Background
The
The
The tribunal
The inquiry heard evidence through the winter of 1957, and reported its findings on 21 January 1958. Much of the questioning was undertaken by the
The proceedings aroused a degree of public interest into what The New Yorker called "a revealing glimpse into a special, jealously guarded world" that involved euphemistic conversations on Scottish grouse moors during shooting parties, cabled messages to Hong Kong, and the casual movement of millions of pounds of securities.[6] There was interest as to how efficiently and responsibly the Bank of England was managed, and speculation that its senior directors holding simultaneous positions in private financial firms constituted a conflict of interest.
The report
Published on 21 January 1958, Lord Justice Parker's report found that there was "no justification for allegations that information about the raising of the
Aftermath
Although the inquiry exonerated all involved, the details of the interactions between private financial institutions, the
The inquiry ran concurrent to the ongoing Committee on the Working of the Monetary System under the chairmanship of the esteemed
References
- ^ a b David Kynaston, Till Time's Last Stand: A History of The Bank of England, 1694-2013, Bloomsbury Publishing, 2017, pg. 434
- ^ a b c David Kynaston, Till Time's Last Stand: A History of The Bank of England, 1694-2013, Bloomsbury Publishing, 2017, pg. 435
- ^ "Sir Laurence Pumphrey: Ambassador to Pakistan".
- ^ Alistair Horne, "Macmillan: The Official Biography", Viking, 1989
- ^ David Kynaston, Till Time's Last Stand: A History of The Bank of England, 1694-2013, Bloomsbury Publishing, 2017, pg. 432
- ^ New Yorker, 4 Jan 1958
Bibliography
- David Kynaston, Till Time's Last Stand: A History of The Bank of England, 1694-2013, Bloomsbury Publishing, 2017.
- John Fforde, "The Bank of England and Public Policy, 1941-1958", Cambridge, 1992.
- Alistair Horne, "Macmillan: The Official Biography", Viking, 1989.