A bus passes the Bank of England in the City of London, Britain, February 14, 2017. "Climate change is the most-cited example of the expansion of the remit," committee chair George Bridges, a Conservative former Brexit minister, told Reuters. The House of Lords committee set up the inquiry in March, following a surge in inflation to a 41-year high last year. The central bank is midway through its own forecasting review led by former U.S. Federal Reserve Chair Ben Bernanke. The House of Lords committee said parliament should have more opportunity to debate these changes, and should conduct in-depth reviews of the BoE's work every five years.

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Persons: Hannah McKay, BoE, Mervyn King, George Bridges, Ben Bernanke, Jeremy Hunt, Bridges, David Milliken, William Schomberg Organizations: Bank of England, City of, REUTERS, Economic Affairs Committee, Conservative, Reuters, U.S . Federal, Thomson Locations: City, City of London, Britain, Ukraine