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UK cross-party Treasury Committee launches review of BoE mandate and inflation performance
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According to a report by the Financial Times, cited by Jin10, the Bank of England (BoE) is facing a new review of its mandate and its performance in controlling inflation. The UK Parliament's cross-party Treasury Committee announced on Tuesday that it will investigate whether the BoE's current remit is 'still fit for purpose' 30 years after the new Labour government granted the central bank operational independence to set interest rates to meet inflation targets. The review comes at a difficult time for the BoE, which has faced criticism after the UK experienced higher and more persistent inflation than other advanced economies following the full-scale escalation of the Russia-Ukraine conflict. Additionally, the BoE has had to defend its handling of bond sales during the quantitative tightening process.
Source report
September 24 (Jin10 Data) — The Bank of England is facing a fresh review of its mandate and performance in controlling inflation, according to a report by the Financial Times.
UK lawmakers have launched an inquiry questioning whether the central bank's monetary policy independence remains effective. The Treasury Select Committee, a cross-party parliamentary body, stated on Tuesday that it seeks to assess "whether the Bank of England's remit remains fit for purpose" — three decades after the new Labour government granted the Bank operational independence to set interest rates in pursuit of its inflation target.
The investigation comes at a challenging time for the Bank of England. Following the full-scale escalation of the Russia-Ukraine conflict, inflation in the UK rose more sharply and persisted longer than in other advanced economies, drawing criticism of the central bank's performance.
Additionally, the Bank of England has been forced to defend its handling of bond sales conducted as part of the quantitative tightening process.
Source
金十数据Western
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UK lawmakers launch inquiry into Bank of England mandate and inflation performance