The division of the Bank of England that meets at the start of each month to decide what to do with interest rates.
The Monetary Policy Committee - set up by the UK's Chancellor of the Exchequer in 1997 - is a group of seven 'wise men and women' who, under the chairmanship of the Governor of the Bank of England, decide on the UK's interest rate policy.
A committee of the Bank of England that meets on a monthly basis to decide whether to increase, decrease or maintain UK interest rates.
A committee within the Bank of England (UK Central Bank) responsible for setting interest rates The MPC sets an interest rate it judges will enable the inflation target to be met. The Bank of England's Monetary Policy Committee (MPC) is made up of nine members – the Governor, the two Deputy Governors, the Bank's Chief Economist, the Executive Director for Markets and four external members appointed directly by the Chancellor. (UK Central Bank) which is responsible for setting interest rates in the UK.
An adjunct of the Council of Ministers as a regular meeting place of the national Economic and Finance Ministers.
In almost his first action as chancellor, Gordon Brown set up a monetary policy committee at the Bank of England in May 1997 to decide the level of interest rates. Previously this had been decided between the chancellor and the governor of the Bank. The government no longer has any direct say on interest rates but still sets inflation targets, and the Bank of England must then set interest rates at a level consistent with achieving the target. The MPC consists of nine members - the Bank of England governor, the deputy governor and second deputy governor and six other members, including two from the Bank with responsibility for monetary policy and market operations. The remaining four members are "recognised experts" from outside the Bank. The committee meets monthly, and discusses and votes on whether to cut, raise or leave interest rates alone. The minutes of the meetings are subsequently published.
Committee appointed by India Government in 1997 to set interest rate policy, chaired by the Governor of the bank of England.
The Monetary Policy Committee is a committee of the Bank of England chaired by the Governor that meets monthly to set the level of interest rates in the economy. They set interest rates according to the targets they have been set for inflation. If they feel inflation is set to rise they may increase interest rates and vice-versa.
The Monetary Policy Committee was set up in May 1997 by Gordon Brown the Chancellor of the Exchequer to decide the level of interest rates. The MPC is made up of nine members, the Governor of the Bank of England, the Deputy Governor and second Deputy Governor and six other members; two are from the Bank with responsibility for monetary policy and market operations. The remaining four members are "recognized experts" from outside the bank. The MPC meets every month to discuss and vote on whether to increase interest rates or not. The committee replaces the monthly meetings between the Chancellor and the Bank Governor that previously took place to decide the level of interest rates.
The suits at the Bank of England who gather each month to decide whether or not to raise interest rates. The Labour Chancellor, Gordon Brown, gave the Bank of England independence in 1997 to remove interest rate decisions from the political process. The MPC, a committee of economic experts, examines all the available data to see whether inflation is likely to rise above the target rate. If it is, it generally increases rates slightly to try to cool the economy down again by increasing the cost of borrowing. Exporters complain that this increases the value of the pound and so makes their exports more expensive for foreign buyers. In economics, someone is always unhappy.
The Monetary Policy Committee (MPC) is a committee of the Bank of England, which meets every month to decide the official interest rate in the United Kingdom.