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Govt to give Bank of England more power

Chancellor George Osborne will use this month’s Budget to give more powers to incoming Bank of England governor Mark Carney through looser monetary policy, according to the Financial Times.

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The FT reports Treasury officials are considering proposals to change the Bank’s remit when Carney takes up the role on 1 July, which could include a review of the 2 per cent inflation target.

Ideas being considered include extending the monetary policy committee’s timeframe to bring inflation back to 2 per cent, giving the Bank a dual mandate to target employment and inflation and targeting cash spending in the economy rather than inflation.

Last month, Carney told the Treasury select committee he intends to start a debate on a radical overhaul of the Bank’s remit such as scrapping inflation targeting. He said he is considering expanding its mandate to focus on growth, unemployment and inequality.

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