Shadow Chancellor Signals Plan to End TUC Presence on Bank of England Court

The shadow chancellor, Andrew Griffith, has indicated the Conservative Party would consider removing trade union representation from the court of directors of the Bank of England, describing the practice as a holdover from the 1970s.

Speaking on Wednesday, Griffith argued that having figures from the Trades Union Congress (TUC) on the Bank's oversight body could hinder the institution's "reputation for financial discipline," according to remarks reported during a live political briefing covered by The Guardian.

The court of directors is the Bank of England's governing body, responsible for overseeing its administration and the management of its resources, separate from the Monetary Policy Committee which sets interest rates.

Griffith did not set out a detailed timeline or full policy for how such a change might be implemented, but framed the current arrangement as outdated and inconsistent with the Bank's mandate for financial credibility.

During the same appearance, Griffith took questions from journalists, including on the government's Making Tax Digital programme, which requires businesses and individuals to keep digital records and submit returns using compatible software.

Asked whether the previous Conservative government had erred in introducing the scheme, Griffith said the criticism amounted to "an admission that despite [good] intentions, the execution of that has left a lot to be desired."

He added, drawing on his background in business before entering Parliament, that "the law that we pass the most often is the law of unintended consequences," citing Making Tax Digital as an example. Griffith has called on the current government to pause the rollout of the programme.

The comments came as part of a wider set of exchanges covered in an ongoing live политика briefing from The Guardian, which also touched on other developments in UK politics that day.