Bank of England (BoE) Governor Andrew Bailey underscored the importance of bringing inflation back to the central bank’s 2% target, saying maintaining public confidence in the inflation-targeting framework remains a key priority, as per a report by Reuters.
Speaking before the House of Lords' Economic Affairs Committee, Bailey indicated that the BoE’s focus should remain on managing the path back to the inflation target rather than reconsidering the framework itself, according to the report. He also rejected suggestions that the central bank should respond to repeated target misses by raising its inflation goal.
