Monetary Policy Committee

Monetary Policy Committee

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Monetary Policy Committee

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Description:
The Monetary Policy Committee (MPC) of the Bank of England is the body responsible for setting the official interest rate in the UK, along with monitoring and directing other aspects of monetary policy, such as quantitative easing. It comprises eight members, along with the Governor of the Bank (currently Mervyn King), and is responsible primarily for keeping the Consumer Price Index measure of inflation close to a target (currently 2%) set by government.

The MPC was established in May 1997, shortly after that year's General Election, and officially given operational responsibility for setting interest rates in the Bank of England Act 1998

The Committee was designed to add credibility to interest rate-setting decisions, being independent of political interference. Each member has one vote, for which they can expected to be held to account: full minutes of each meeting are published within two weeks, and members are regularly called before the Treasury Committee, as well as speaking to wider audiences at events during the year.

Purpose

The MPC is responsible for formulating the UK's monetary policy, typically by setting the rate at which it lends to banks, the Bank of England Base Rate (or BOEBR). As laid out, decisions are made with the primary aim of price stability, defined by the government's inflation target (currently 2% on the Consumer Price Index). The secondary aim is to...
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