UK changes BoE remit in hunt for growth

Chancellor George Osborne unveiled the first overhaul of the Bank of England’s remit in nearly a decade under plans for “monetary activism” in the face of sharp growth downgrades and higher borrowing.

UK changes BoE remit in hunt for growth

Chancellor George Osborne unveiled the first overhaul of the Bank of England’s remit in nearly a decade under plans for “monetary activism” in the face of sharp growth downgrades and higher borrowing.

While confirming the inflation target would remain at 2%, Mr Osborne gave the central bank room to loosen monetary policy by also focusing on economic growth with the freedom to explore “unconventional” measures.

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