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In the 20 years since the Bank of England was given independence from government, much has changed in the finance sector. Initially, there were 10 years of relative stability but what followed was the worst financial crisis in decades.

Since then, the Bank has had to grapple with Brexit and has faced criticism on the accuracy and usefulness of its forecasts and guidance. Now the architects of independence are calling for formal mechanisms for co-operation between the Bank and the Treasury.

Governor of the Bank of England Mark Carney explains why the government first granted the bank autonomy and what the results of that decision now mean for the economy.

Our business editor Dominic O'Connell was listening and gave his summary on Mr Carney's statement.

(Image: Bank of England, credit: Getty Images)