Economic Advisory Council – Terms of Reference – April 2023
Updated 18 April 2023
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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.