Select committee: Economic Affairs Committee
Conclusion 1
1st Report - Making an independent Bank of England work better
Published 27 Nov 2023
Paragraph 21
Economic Affairs Committee Bank of England: how is independence working? All items in this report Report on parliament.uk ↗ Inquiry on parliament.uk ↗
Conclusion (the committee's words)
Looking at the last 25 years as a whole, operational independence has bolstered economic confidence and credibility in monetary policy making. While the precise contribution of independence to low inflation is difficult to quantify—with globalisation widely considered a contributing factor—the conditions established by independence have provided a strong foundation for low and stable inflation since 1997. It is our view that independence should be preserved.
From: Economic Affairs Committee, 1st Report - Making an independent Bank of England work better, paragraph 21, 27 November 2023
Government response
A response document is linked to this report, dated 7 February 2024. Response attribution to this conclusion has not been verified. Read the response document ↗