Banking And Finance

MONETARY POLICY IN THE UK

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We argue in this contribution that the institutional dimension of the Bank of England
(BoE) monetary policy and the role the UK HM Treasury assumes in this framework
are both firmly based on the New Consensus in Macroeconomics (NCM), a
theoretical framework upon which also the Inflation Targeting policy element is
firmly based. This paper discusses these aspects of the UK monetary policy, and then
assesses the policy that has been pursued since 1997 (with some reference made to the
period between 1992 and 1997 when a version of the framework was introduced). The
strategy has been successful in terms of keeping UK inflation rates within the targets
set by HM Treasury. However, a number of problematic issues are highlighted and
discussed

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English

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