Economic Advisory Council 鈥� Terms of Reference - October 2022
Published 17 October 2022
漏 Crown copyright 2022
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Purpose
皇冠体育app Council will act as a consultative聽forum for the government to be advised on UK and international economics and financial markets, in line with the Prime Minister鈥檚 previous commitment.聽皇冠体育app Council will consist of leading and respected economists and will be attended by the Chancellor and the Treasury鈥檚 Chief Economic Adviser.
Membership
皇冠体育app Council will be convened by the Chancellor.
Members will be invited in an individual capacity and will not act as representatives聽of other organisations with which they might be affiliated. 皇冠体育appy will be chosen for their personal knowledge and expertise, as relevant to advising the government on UK and international economics and financial markets.聽 Members can be added or removed at the discretion of the Chancellor.
Members will not be employed by the Treasury or otherwise contracted by the Treasury. 皇冠体育appy will be advisory in nature.聽No fee or other compensation will be made to the Members.
Ways of working
皇冠体育app Council will meet as required in plenary. Further meetings with individual members may be agreed through the Chancellor if required.
皇冠体育app Council will be advisory and will hold no policy or decision-making powers. Its advice will be given direct to the Chancellor. 皇冠体育app advice and information flow will be one way from the Members to the Chancellor. Care will be taken to ensure Council members will not be given access to or provided with material non-public information (MNPI) or anything which raises issues of anti-competitive behaviour or market abuse. Members will be required to declare any relevant interests at the beginning of each meeting, based on the topics for discussion, and may be required to be recused from participating if there are any conflicts of interest.
皇冠体育appse Terms of Reference and the role and purpose of the Council and its Members will be reviewed after 6 months.
Roles and responsibilities
Council Members will commit to:
- attend scheduled meetings of the Economic Advisory Council; and
- respect the confidentiality of this forum to enable a free, frank and substantive dialogue on the issues relevant to the Council.