Starting on 7 November, the Bank of England Inflation Report is to become the Monetary Policy Report. The Report is also to undergo some changes to its structure and content.
These changes are part of the Bank’s ongoing efforts to improve its communications and ensure that those outside the institution have the information they need in order to understand our policy decisions and to hold us to account.
In 2015, in response to the Warsh Review, the Monetary Policy Committee began to publish both the Report and the minutes of its policy meetings on the day of the policy announcement.
The very latest changes represent the next step in the evolution of our communications.
The new structure gives greater prominence to our analysis of the economic outlook – what was previously Section 5 – bringing that to the front of the Report. Sections 1–4, which appraise the latest data, are summarised in a single section on current economic conditions. We have also introduced a new ‘In focus’ section, which describes the issues that have received particular consideration in the latest forecast, with a view to making the Report more thematic.
This new format gives the MPC greater flexibility to adapt one of its key communications tools to changing circumstances and to present data and analysis in a more thematic way.
Alongside these changes, the MPC has renamed the publication as the Monetary Policy Report. The MPC sets monetary policy – explaining the analysis behind that policymaking process continues to be the central role of the document.
Notes to editors
Section 18 Reports of the Bank of England Act states:
- The Bank shall prepare and publish reports in accordance with the provisions of this section.
- A report under this section shall contain:
- a review of the monetary policy decisions published by the Bank in the period to which the report relates
- an assessment of the developments in inflation in the economy of the United Kingdom in the period to which the report relates
- an indication of the expected approach to meeting the Bank’s objectives under section 11