The Governor considers the social value of inflation control, and explains how and why the Bank of England practises inflation targeting. He also concentrates on the short-term trade-offs between stabilising inflation and supporting growth and employment, and why these trade-offs have become more common recently. The Governor finishes with an examination of the Monetary Policy Committee’s policy responses to the result of the EU referendum, and the trade-offs it has faced since the vote.
Published on 16 January 2017
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