Open letters between HM Treasury and Bank of England, December 2025

CPI inflation was 3.6% in October 2025, prompting an open letter from the Governor of the Bank of England to the Chancellor on 18 December 2025. The Chancellor replied to the Governor on 18 December 2025.

Letter from the Chancellor of the Exchequer to the Governor of the Bank of England (18/12/2025)

Letter from the Governor of the Bank of England to the Chancellor of the Exchequer (18/12/2025)

Details

The remit for the Monetary Policy Committee (MPC) requires an exchange of open letters between the Governor of the Bank of England and the Chancellor of the Exchequer if inflation moves away from the target by more than 1 percentage point in either direction.