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MAR 21, 2013 - New Statesman

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George Osborne revamps Bank of England’s remit

Monetary activism.In his budget, the British Chancellor of the Exchequer George Osborne has revamped the Bank of England’s remit in an effort to improve economy. These changes, which are not as radical as some economists hoped, clarify that policy makers can prioritise growth if inflation remains under control. The BoE, however, will keep its inflation target unchanged at 2 per cent. As part of the changes, amendments were made to the rules requiring the Governor to formally write to the Chancellor if inflation remains too high, while the option of switching to a nominal GDP target ... Read More

Tags: George Osborne revamps Bank of England’s remit,  Royal Bank Of Scotland Latest News