Bank of England Governor-designate Mark Carney met the U.K. Treasury’s top civil servant, Nicholas Macpherson, to discuss possible changes to Britain’s monetary policy making, said a person with knowledge of the talks.
The U.K. Treasury said Chancellor of the Exchequer George Osborne will consider the Bank of England’s inflation target as he does every year, as policy makers debate an overhaul of central bank’s remit.
Bank of England Deputy Governor Charles Bean said it may be appropriate to review the U.K.’s inflation-targeting regime, and that policy makers stand ready to take further measures to boost the recovery if required.
Bank of England Deputy Governor Charles Bean said policy makers are “disappointed” with the impact of the pound’s depreciation on the rebalancing of the economy and there could be a case to see it fall further.
Gold traders are divided on the outlook for prices, balancing central bank concern that more economic stimulus is needed against signs of recovering growth that spurred the longest run of monthly losses since 1997.
Banks should work to restore public trust in their operations by embracing regulatory reforms, including changes to capital levels and compensation, Mark Carney, the governor of the Bank of Canada, said.