Bank of England (Inflation Targets) Bill

Key Points

• Proposes penalties against the Bank of England's Court of Directors for failing to meet inflation targets.
• Frames inflation target performance as an accountability mechanism for the Bank’s leadership.
• Introduced by Sir Christopher Chope (Conservative) as a Private Member's Bill.
• Currently at the second reading in the House of Commons, meaning the principle of the bill is being debated.
• If it progresses, it would need further stages in both Houses and Royal Assent to become law.

Progress

The bill is at the 2nd reading in the Commons. If it moves forward, it would proceed to Committee Stage and subsequent readings, with final passage requiring both Houses’ agreement and Royal Assent.