On 30 April 2026 the Bank of England announced a new communication protocol between its Governor and the Chancellor. If consumer price inflation moves away from the bank’s target by more than one percentage point in either direction, the Governor is required to send an open letter to the Chancellor. The letter must explain why inflation has deviated and outline the Bank’s plans to bring inflation back to target. Both letters—one from the Governor and the counterpart from the Chancellor—are publicly available on the Bank’s website. The rule is part of the bank’s transparency measures and is intended to keep the government informed about monetary policy actions.
© Governor and Company of the Bank of England.
Summary adapted from the Bank of England website (https://www.bankofengland.co.uk ).
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