Open letters between HM Treasury and Bank of England, February 2012
CPI inflation in January 2012 was 3.6 per cent, prompting an open letter from the Governor of the Bank of England to the Chancellor on 13 February 2012. The Chancellor replied to the Governor on 14 February 2012.
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The remit for the Monetary Policy Committee continues to require an exchange of open letters between the Governor of the Bank of England and the Chancellor of the Exchequer if inflation moves away from the target by one percentage point in either direction.