If annualized UK December CPI comes in above 3.0% at 09:30GMT tomorrow, the BoE will publish Governor Mervyn King's open letter of explanation to Chancellor Gordon Brown at 10:30GMT (Reuters).
Should such a letter be necessary, King will have to explain why CPI has moved over 1.0% from its 2.0% target level. He would also have to detail the policy action he is taking to deal with it, state how long it is likely to take for CPI to return to target, and say how the BoE approach meets the government's monetary policy objectives.
No comments:
Post a Comment