The Bank of England’s mandate is to promote growth in the United Kingdom economy, while keeping inflation under the Government’s target.

While looking like it has spectacularly failed on both counts since the Pandemic, neither fiscal policy, nor the global economy have been on their side.

Andrew Bailey, the Bank’s Governor has been accused of being too cautious in delivering tighter monetary policy even though they were the first Central Bank among G7 nations to begin to hike rates.

Other Banks, notably both the Federal Reserve and European Central Bank started hiking rates significantly after the Bank of England but have managed to exercise a degree of control over rising inflation that has not been clear from the MPC’s actions.

The Fed’s success is shown in that they are the first G7 Bank that was able to pause the cycle of interest rates due to the significant fall in inflation recently.

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