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Bailey says price stability must come first for BoE

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Economy30 minutes ago (Nov 09, 2021 17:07)

© Reuters. FILE PHOTO: Governor of the Bank of England Andrew Bailey addresses the Monetary Policy Report Press Conference at The Bank of England, in London, Britain November 4, 2021. Justin Tallis/Pool via REUTERS/File Photo

LONDON (Reuters) – The Bank of England’s mandate requires it to prioritise price stability above other public policy goals, Governor Andrew Bailey said at a panel discussion on inequality on Tuesday.

“We don’t have a dual mandate in the same way (as the U.S. Federal Reserve),” Bailey told the discussion among central bankers on diversity, inclusion and inequality.

“We have a single inflation or price stability mandate, which is interpreted as an inflation target. The precise language – and this is important because it is hierarchical – is price stability, and subject to that supporting other objectives of the government,” he added.

Bailey says price stability must come first for BoE

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