Bean backs coalition restructuring of Bank

Charles Bean, a deputy governor at the Bank of England, defended the coalition's restructuring of the institution at the Federal Reserve's conference in Jackson Hole, Wyoming, yesterday.

The Bank is establishing a financial policy committee to police the sector as the Government tries to avoid another crisis. Mr Bean also ruled out raising the inflation target – which would give the Bank more room to cut interest rates in a recession – as it could lead to "capricious redistribution of wealth".