Correspondence

Open letters between HM Treasury and Bank of England, February 2015

CPI inflation was 0.5% in December 2014, prompting an open letter from the Governor of the Bank of England to the Chancellor on 12 February 2015. The Chancellor replied to the Governor on 12 February 2015.

Detail

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 one percentage point in either direction. 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.