Open letters between HM Treasury and Bank of England, May 2011
CPI inflation for April 2011 was 4.5 per cent, prompting an open letter from the Governor of the Bank of England to the Chancellor on 16 May 2011. The Chancellor replied to the Governor on 17 May 2011.
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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.