An update to the Terms of Reference of the Economic Advisory
Committee (EAC). The Chancellor’s EAC is a committee of respected
and leading experts and provides independent, expert advice on
economic policy to help grow the economy.
Purpose
The Council will act as a consultative forum for the
government to be advised on growth, UK and international
economics, financial markets, and industry, in line with the
Prime Minister’s previous commitment. The Council will
consist of leading and respected experts and will be attended by
the Chancellor and the Treasury’s Chief Economic Adviser.
Membership
The Council will be convened by the Chancellor.
Members will be invited in an individual capacity and will not
act as representatives of other organisations with which
they might be affiliated. They will be chosen for their personal
knowledge and expertise, as relevant to advising the government
on growth, UK and international economics, financial markets, and
industry. 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. They will be advisory in
nature. No fee or other compensation will be made to the
Members.
Ways of working
The Council will meet as required in plenary. Further meetings
with individual members may be agreed through the Chancellor if
required.
The Council will be advisory and will hold no policy or
decision-making powers. Its advice will be given direct to the
Chancellor. The 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.
The meetings will be recorded in a log of substantive contact
that will be published every six months.
The Terms of Reference and the role and purpose of the Council
and its Members have been reviewed after six months. Going
forward, they will be reviewed periodically.
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.
