From 7 November, the Bank of England Inflation Report is to become the Monetary Policy Report.
The Report is also to undergo some changes to its structure and content.
These changes are part of the Bank of England’s ongoing efforts to improve its communications and ensure that those outside the institution have the information they need in order to understand their policy decisions and to hold us to account.
In 2015, in response to the Warsh Review, the Monetary Policy Committee began to publish both the Report and the minutes of its policy meetings on the day of the policy announcement. The very latest changes represent the next step in the evolution of The Bank’s communications.
The new structure gives greater prominence to the analysis of the economic outlook – what was previously Section 5 – bringing that to the front of the Report. Sections 1-4, which appraise the latest data, are
summarised in a single section on current economic conditions.
The Bank of England have also introduced a new ‘In Focus’ section, which describes the issues that have received particular consideration in the latest forecast, with a view to making the Report more thematic.
“This new format gives the MPC greater flexibility to adapt one of its key communications tools to changing circumstances and to present data and analysis in a more thematic way.
“Alongside these changes, the MPC has renamed the publication as the Monetary Policy Report. The MPC sets monetary policy – explaining the analysis behind that policymaking process – continues to be the central
role of the document. “
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Original Author: Nick Youngson – link to – http://www.nyphotographic.com/
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