Monetary Policy in the UK - The Framework and Current Issues - speech by Kate Barker

Speaking in Washington DC today at the National Association of Business Economics Policy Conference, Kate Barker, a member of the Bank of England's Monetary Policy Committee (MPC), briefly describes the UK's monetary policy framework and the recent history of its development.
Published on 21 March 2005

She then goes on to outline the main issues surrounding its focus on inflation targeting and considers how far recent low UK inflation could be related to a productivity improvement.

Ms Barker notes that ".the operational independence of the Bank is therefore crucial, but the need to command wide spread public support for central bank independence underpinned the decision .to retain political control over the target itself" and, she adds, "...Having a symmetric point inflation target means that there is now little room for uncertainty about what the MPC is seeking to achieve."

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