By Sally Hills and Clare Macallan of the Bank’s Monetary Assessment and Strategy Division.
The Bank of England’s success in achieving its monetary policy objectives will depend, in part, on the public’s awareness and understanding of monetary policy. Results from the Bank/GfK NOP survey suggest that public awareness of the policy framework remains high and has changed little over the past year. A greater proportion of respondents to the Bank/GfK NOP survey were satisfied than dissatisfied with the way in which the Bank has set interest rates to meet the inflation target. But the extent of satisfaction has fallen since mid-2010.