Bank of England monetary policy independence at 30: Still fit for purpose?

Next year will mark 30 years since the Bank of England was granted operational independence over monetary policy. In that time, CPI inflation has averaged 2.5%, compared with 7.3% in the previous 30 years. But since 1997, an increased national debt and the Bank’s role in quantitative easing and tightening have tested the relationship between fiscal and monetary policy. More recently inflation has been above target for 60 of the last 64 months. In this inquiry, the Treasury Committee will examine how monetary policy independence is working in today’s economy. Read the call for evidence to find out more about this inquiry.