Economics
BOE Asked to Explain Inflation Target Misses Sooner in Letters
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U.K. Chancellor of the Exchequer Philip Hammond ordered the Bank of England to expedite its letter-writing in the event that Britain’s inflation misses target.
The central bank, as part of its remit, is charged with explaining why it missed its 2 percent inflation goal by more than 1 percentage point. It now has a maximum of seven days from the publication of the offending data to detail why price gains veered so much and what actions it’s going to take.