CPI inflation reached 3.3 % in March 2026, a move above the Bank of England’s target by more than one percentage point. In response, the Governor sent an open letter to the Chancellor of the Exchequer on 30 April 2026, outlining concerns and questions about policy direction. The Chancellor replied to the Governor on the same day, providing counter‑arguments and policy intentions. These exchanges are required under the Monetary Policy Committee’s remit, which mandates open letters between the Governor and the Chancellor whenever inflation deviates from the target by over one percentage point. The letters are publicly available as PDF documents, each two to four pages long, and are hosted on the HM Treasury website.
© Crown copyright, 2024, GOV.UK.
Summary adapted from content licensed under the Open Government Licence v3.0.
For details, see https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/.
Original source: https://www.gov.uk/
Made by AI. If you spot anything of concern write us at contact@cybach.com. We’ll promptly correct irregularities.