A recent report by the House of Lords Economic Affairs Committee has sparked a contentious debate about the effectiveness and scope of the Bank of England's responsibilities. The committee's critical analysis suggests that the Bank's remit needs to be reevaluated, highlighting concerns about its handling of the cost-of-living crisis.
The Bank of England has long been tasked with maintaining inflation at a steady rate of around 2 per cent, a target set by the Treasury. However, the Lords Economic Affairs Committee has raised issues regarding the Bank's expanded objectives in recent years.
