The Bank of England firmly believes that the monetary policy framework established in 1997 will be most effective if it is accompanied by wide public understanding and support, both for the objective of price stability and for the methods used to achieve it.
The Monetary Policy Committee (MPC) uses a variety of methods to explain to the public its role of setting interest rates to meet the inflation target. These methods include the publication of the minutes of their monthly meetings; the quarterly Inflation Report; speeches and lectures; research papers; appearances before parliamentary committees; interviews with the media; visits throughout the UK and an education programme that includes the ‘Target Two Point Zero’ competition for schools and colleges.
Since the establishment of the MPC, the Bank has sought to quantify the impact of its efforts to build general public support for price stability: one way to assess this impact has been to use sample surveys of public opinion and awareness.
The quarterly survey of inflation attitudes conducted by GfK NOP on our behalf commenced in February 2001. The nine questions asked in these quarterly surveys seek information on public knowledge, understanding and attitudes toward the MPC process, as well as expectations of interest rates and inflation and also look to measure satisfaction/dissatisfaction with the way the Bank of England is ‘doing its job’. Five questions that are asked annually cover perceptions of the relationship between interest rates and inflation and knowledge of who sets rates.
For the most recent quarterly survey, and for previous quarterly survey results by year, use the navigation bar at the top of the page.
If you have any questions or would like to give us feedback regarding the Inflation Attitudes Survey, you can contact the editor at email@example.com