Andrew Bailey, the Governor of the Bank of England, jealously protects the Central Bank’s independence. Over the past two years, the performance of the Monetary Policy Committee has drawn criticism from the financial markets and MPs alike. There is no question that the market expects the Central Bank to “jog along” during periods such as have been seen over the previous eight or so years where intervention is kept to a minimum due to a period of tame inflation, but be prepared to perform heroics when called upon as it has been over the past two or three years.The question of the makeup of the Committee is now being openly questioned.There appears to be no benefit to having five permanent members and four independents, when the permanent members vote “en bloc,” leaving the four independents “toothless.”It is expected that whoever wins the forthcoming General Election there will be changes to the makeup of the MPC. Some have suggested that in line with levelling up commitments, regional representation would be beneficial. In contrast, others favour a member to be appointed from the Treasury to represent the Government's view.Beyond Currency Market Commentary:Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.