In the remit for the Monetary Policy Committee set at Budget 2013, the Chancellor requested that the MPC provide in its August 2013 Inflation Report an assessment of the merits of intermediate thresholds - policy commitments conditional on future economic conditions. The Chancellor stated that he would respond to the general approach, confirming whether it is consistent with the remit.
Governor’s letter: Governor’s letter to the Chancellor
MPC’s assessment: Monetary policy trade-offs and forward guidance
August Inflation Report: Inflation Report