For example was the interest rate setting power transferred to the Bank of England . This was done by a wide extension of the powers of the Treasury to cover much domestic policy and by giving the responsibility for banking supervision to the Financial Services Authority . Brown 's time as Chancellor was marked by major reform of Britain 's monetary and fiscal policy architecture , transferring interest rate setting powers to the Bank of England , by a wide extension of the powers of the Treasury to cover much domestic policy and by transferring responsibility for banking supervision to the Financial Services Authority .