Monetary Policy Framework
Speaking Restrictions
To help prevent unnecessary speculation about MPC interest-rate decisions, members of the Monetary Policy Committee have a 'purdah' guideline. This requires that for a limited time each month they avoid giving speeches and speaking to the news media or other interests, on or off the record, about monetary and fiscal policy and the conjuncture, or anything else which could be considered relevant to their interest rate decisions or the forecast.
- The limit is for a period of eight days from the Friday before the MPC meeting to the Friday immediately after the announcement.
- The period is inclusive of both Fridays, running from midnight to midnight.
- In addition, in the four months when the Inflation Report publication and press conference take place (February, May, August and November) the purdah extends to midnight at the end of the day of publication.
- The guideline also precludes publication during purdah of any interview given beforehand.
- Other senior executives within the Bank also generally adhere to the guideline
Key Resources
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Highlights of The New Inflation Target speech by the Governor
in January 2004 Download PDF (108k) |
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Speech by the Governor in January 2004 |
