Monetary Policy Remit: Mansion House 2024
- Date: November 15, 2024
- Source: UK News and Communications
Overview
The Bank of England’s Governor, Andrew Bailey, delivered his annual Mansion House speech in London on November 15, 2024. The speech outlined the bank’s monetary policy remit and its commitment to maintaining price stability and supporting sustainable economic growth.
Key Points
- Monetary policy remit: The Bank of England’s primary objective is to maintain price stability. The Monetary Policy Committee (MPC) targets an inflation rate of 2%.
- Current economic conditions: The UK economy is facing significant challenges, including high inflation, rising energy costs, and supply chain disruptions.
- Monetary policy response: The Bank of England has raised interest rates several times in recent months to combat inflation. The MPC will continue to assess the economic outlook and adjust monetary policy as necessary.
- Fiscal policy: The MPC recognizes the importance of fiscal policy in supporting economic growth and controlling inflation. The government must ensure that its fiscal policies are consistent with the Bank of England’s monetary policy objectives.
- Financial stability: The MPC is monitoring financial stability risks, including rising household and corporate debt levels. The Bank of England will take appropriate measures to mitigate these risks.
- Digital assets: The MPC is exploring the implications of digital assets for the financial system. The Bank of England is committed to ensuring that the issuance and use of digital assets are safe and stable.
Outlook
The Bank of England expects inflation to remain elevated in the near term, but to decline gradually over the medium term. Economic growth is projected to slow, but to remain positive.
Conclusion
The Bank of England is committed to maintaining price stability and supporting sustainable economic growth. The MPC will continue to monitor economic conditions and adjust monetary policy as necessary. The bank is also working to mitigate financial stability risks and explore the implications of digital assets for the financial system.
Monetary policy remit: Mansion House 2024
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