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BoE Acts On Travel Expenses After Pressure From MPs

Law360, London (December 14, 2018, 3:26 PM GMT) -- The Bank of England said Friday it has tightened its expenses regime after two senior regulatory experts, one of them a former vice chairman of the U.S. Federal Reserve, angered MPs by racking up £390,000 ($490,000) on travel costs over two and a half years.

The central bank acted after the powerful House of Commons Treasury committee criticized the two senior economists in June, saying their travel claims had been "staggeringly high."

Beginning from March, bank staff will be permitted to fly business class only in limited circumstances, including to meet disability needs, when governors or committees members are working on...

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