Andy Haldane, the Bank’s chief economist, has said that he “dreams of the day when I am made redundant by a robot”, referring to the possibility that the MPC could be replaced by a simple rule for monetary policy. The Adam Smith Institute (ASI) proposes scrapping the Bank of England's Monetary Policy Committee (MPC), and instead use quantitative easing instead of interest rates to conduct normal monetary policy, and abandon the existing inflation target in favour of targeting nominal Gross Domestic Product (GDP). In a paper published on Monday, ASI's director general John Hawksworth argues that the MPC has failed to deliver its stated aim of keeping inflation at 2%.
The Adam Smith Institute (ASI) proposes scrapping the Bank of England's Monetary Policy Committee (MPC), and instead use quantitative easing instead of interest rates to conduct normal monetary policy, and abandon the existing inflation target in favour of targeting nominal Gross Domestic Product (GDP). In a paper published on Monday, ASI's director general John Hawksworth argues that the MPC has failed to deliver its stated aim of keeping inflation at 2%.