(1) The Bank of England -
(a) must prepare a statement of its policy with respect to the exercise of its powers under this Part,
(b) must from time to time review the statement, and
(c) may prepare a revised statement.
(2) When preparing a statement under this section, the Bank must consult such persons as appear to the Bank to be representative of persons likely to be affected by the statement.
(3) After preparing a statement under this section the Bank must -
(a) provide the statement to the Treasury, and
(b) publish the statement.
(4) The Treasury must lay a copy of each statement received under this section before Parliament.
(5) No power conferred on the Bank by this Part may be exercised before a statement under this section has been published.