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Bank charges: Bank of England given new remit

The Bank of England (BoE) will receive a new remit to help in deciding inflation rates.

Chancellor George Osborne announced the new remit when he release the Budget today.

He said that the target rate of inflation will remain the same but that it must use other methods to do this.

In a method similar to the US Federal Reserve, BoE should be able consider wider economic concerns when setting inflation rates. Mr Osborne hopes that this will help to encourage growth.

Today, Mr Osborne admitted that he expects the UK economy to grow at half the rate that was predicted this year.

BoE’s target rate for inflation is two per cent but it has exceeded this since 2009.

Earlier this year it also said that it expects that it will not reach its target inflation rate until 2016.

Inflation rates recently rose to 2.8 per cent according to the Office for National Statistics.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801559768-ADNFCR

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