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."
Press release