Correspondence

Open letters between HM Treasury and Bank of England, December 2016

CPI inflation was 0.9% in October 2016, prompting an open letter from the Governor of the Bank of England to the Chancellor on 15 December 2016. The Chancellor replied to the Governor on 15 December 2016.

Documents

Letter from the Governor of the Bank of England to the Chancellor of the Exchequer 15/12/2016

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Details

The remit for the Monetary Policy Committee (MPC) requires an exchange of open letters between the Governor of the Bank of England and the Chancellor of the Exchequer if inflation moves away from the target by more than 1 percentage point in either direction. A further letter should be sent after 3 months if inflation remains more than 1 percentage point above or below the target.

As set out in the remit, the open letters are published alongside the first routine publication after the meeting of the MPC that follows the release of the CPI data.

Published 15 December 2016