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Osborne confirms Bank of England 2 percent inflation target

Published 14/01/2015, 17:38
© Reuters. Britain's Chancellor of the Exchequer George Osborne watches as Prime Minister David Cameron talks to business leaders at a conference in the Old Granada TV Studios in Manchester

LONDON, Jan 14 (Reuters) - British Chancellor George Osborne confirmed the Bank of England's inflation target at 2 percent on Wednesday, and made minor changes to procedures when the target is significantly missed.

In a speech on Wednesday, Osborne said that in case of an inflation undershoot or overshoot of more than 1 percentage point, the BoE would need to publish a letter to coincide with its inflation report forecasts.

© Reuters. Britain's Chancellor of the Exchequer George Osborne watches as Prime Minister David Cameron talks to business leaders at a conference in the Old Granada TV Studios in Manchester

"This will apply for the first time to the open letters that the Governor and I will write, responding to the latest inflation number, alongside the Inflation Report on 11th February," Osborne said.

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