A group of Conservative backbenchers have demanded a review of the Bank of England’s independence, accusing it of costing taxpayers thousands of pounds. The group of 44 MPs said they were “deeply concerned that the Bank of England is out of step with the central banks of most major economies” in its approach to quantitative tightening (QT), the selling of Government bonds the Bank had previously bought up in an effort to stabilise the economy. In a letter to the Chancellor, the MPs criticised the Bank for making taxpayers liable for any losses it made in selling the bonds – which meant the public faced significant costs “with no public or parliamentary debate or consultation”. They endorsed a report by pressure group Conservative Way Forward, which said making taxpayers liable for losses would cost households £4,361 each between 2023 and 2025. The report also blamed the Bank for the UK experiencing higher inflation than comparable countries, saying this had cost families £1,185 over 2022 and 2023, and called for a Treasury-led review of the Bank’s QT programme, its mandate and its independence. The Bank of England has been independent of government since 1997, with interest rates set by its Monetary...