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Guidance · BOE · 30 Apr 2026

Exchange of Letters Between the Governor and the Chancellor Regarding CPI Inflation – April 2026

monetary

The Bank of England Governor must issue an open letter to the Chancellor whenever Consumer Price Index inflation deviates by more than one percentage point from its target. The correspondence must clearly explain the causes of the deviation and outline the specific monetary policy actions being implemented to restore price stability. Published on 30 April 2026, this framework ensures transparent accountability and guides market expectations regarding the Bank's inflation management strategy.

United KingdomBank of England

Exchange of letters between the Governor and the Chancellor

Published on
30 April 2026

If inflation moves away from the target by more than 1 percentage point in either direction, the Governor is required to send an open letter to the Chancellor explaining why inflation has moved away from target and what action the Bank is taking to bring inflation back to target.

Letter from the Governor to the Chancellor

Letter from the Chancellor to the Governor

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