Clara Furse's authority damaged by committee's grudging acceptance

It would have been better if the Treasury committee had given a simple thumbs up or thumbs down

Dame Clara Furse's appointment to the financial policy committee (FPC) is bizarre, as argued here on Tuesday. She served on the risk committee of a financial institution that over-extended itself in a top-of-the-market deal and had to be bailed out by the state. If Fortis had been British, rather than Belgian, it is impossible to think she would have been summoned by the chancellor for a job at the Bank of England spotting financial risks.

But the Treasury select committee's verdict on Furse's appointment is also odd. It amounts to grudging acceptance: we have serious concerns about your appointment, but good luck anyway. Is that really helpful? Furse's authority is damaged from the off, assuming she still wants the job. It would have been better if the Treasury committee had given a simple thumbs up or thumbs down.

Maybe we should blame the committee system. Or maybe the fact that the MPs get to scrutinise appointments to the FPC but have no blocking power. But their attempt to articulate a finessed position just looks weak.

• Financial policy committee
• Bank of England
• Dame Clara Furse

Nils Pratley

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Source: http://www.guardian.co.uk/business/nils-pratley-on-finance/2013/jun/05/clara-furse-authority-damaged

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