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.