Monetary policy, especially interest rate, is set by the Monetary Policy Committee (MPC) of the Bank of England. The MPC sets the interest rate that will enable the inflation target to be executed. OECD, IMF, UN and EC show that in 2015 there was almost no inflation in the UK while, according to OECD, EC, and UN, the highest inflation rate of 4.5% in the past 9 years was in 2011.
Forecasts reported that the annual inflation rate will have been about 2.4% by 2018.
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