Key Monetary Policy Dates Since 1990
This is a list of key events in the development of the current monetary policy regime.
| 18.10.90 | Britain joins Exchange Rate Mechanism (ERM) at Deutsche Mark 2.95. |
| 16.09.92 | Britain's membership of the Exchange Rate Mechanism (ERM) suspended. |
| 08.10.92 | First inflation target – rate of annual RPIX inflation of 1-4%. Bank asked to assess inflation prospects every quarter in independent report. Government objective for inflation to be in lower half of range by end of that Parliament. |
| 10.12.92 | 1st Monthly Monetary Report, an overview of the current economic situation, published by the Treasury for monthly meeting between Chancellor of the Exchequer and Governor of the Bank of England. |
| 16.02.93 | First Inflation Report published by the Bank of England. |
| 13.04.94 | Minutes of Chancellor’s meeting with Bank of England Governor first published. |
| 14.06.95 | Chancellor of the Exchequer in Mansion House speech announced an inflation target of 2.5% or less as measured by RPIX. |
| 06.05.97 | Bank of England given operational independence and creation of MPC announced. |
| 05.06.97 | First meeting of the Monetary Policy Committee. |
| 12.06.97 | Chancellor of the Exchequer in Mansion House speech outlines remit for the MPC’s symmetrical target of 2.5% annual RPIX inflation and system of accountability. |
| 27.11.97 | Treasury Select Committee holds its first Inflation Report hearing. |
| 01.06.98 | Bank of England Act comes into force. |
| 16.06.98 | Treasury Select Committee holds first of its ‘confirmation hearings’ for MPC members. |
| 21.10.98 | Period between MPC decisions and publication of minutes reduced to two weeks. |
| 07.12.98 | House of Lords sets up its Select Committee on the Monetary Policy of the Bank Of England. |
| 07.03.01 | House of Lords sets up its Select Committee on Economic Affairs to replace its Select Committee on the Monetary Policy of the Bank of England. |
| 09.04.03 | Chancellor of the Exchequer’s Budget speech announces Government’s intention to switch to an inflation target measured by the Consumer Price Index (also known as HICP). |
| 10.12.03 | Chancellor announces switch of inflation target to 2% annual change as measured by Consumer Price Index (also known as HICP). |
Key Resources
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Minutes of the First Monetary Policy Committee
Meeting Held on 5 & 6 June 1997 Download PDF (144k) |
|
Remit for the Monetary Policy Committee of the
Bank of England and the New Inflation Target The remit for the Monetary Policy Committee sent to the Governor of the Bank of England on 10 December 2003 Download PDF (237k). |
