Bank of England Act 1998
E96656
The Bank of England Act 1998 is a UK law that modernized the Bank of England’s role, granting it operational independence over monetary policy and establishing the framework for its inflation-targeting regime.
Aliases (1)
Statements (47)
| Predicate | Object |
|---|---|
| instanceOf |
Act of Parliament of the United Kingdom
→
United Kingdom statute → |
| allocatesPowerFrom |
Chancellor of the Exchequer
→
|
| allocatesPowerTo |
Bank of England
→
|
| amends |
Bank of England Act 1946
→
|
| appliesTo |
England
NERFINISHED
→
Northern Ireland → Scotland → Wales → |
| classification |
financial regulation law
→
monetary law → |
| country |
United Kingdom
→
|
| defines |
objectives of the Monetary Policy Committee
→
|
| enactedUnder |
constitutional monarchy of the United Kingdom
→
|
| establishes |
Monetary Policy Committee of the Bank of England
→
procedures for appointment of Monetary Policy Committee members → requirements for publication of Monetary Policy Committee minutes → requirements for regular monetary policy reports → |
| grants |
operational independence over monetary policy to the Bank of England
→
|
| introducedBy |
HM Government
→
|
| jurisdiction |
United Kingdom
→
|
| languageOfText |
English
→
|
| legislature |
Parliament of the United Kingdom
NERFINISHED
→
|
| objective |
maintenance of price stability
→
support for the Government’s objectives for growth and employment → support of the economic policy of Her Majesty’s Government → |
| primarySubject |
Bank of England
→
|
| providesFor |
Bank of England’s duty to meet the inflation target
→
Government’s power to set the inflation target → publication of inflation reports → |
| purpose |
to establish a framework for inflation targeting in the United Kingdom
→
to grant the Bank of England operational independence in setting monetary policy → to reform the governance and functions of the Bank of England → |
| regulates |
functions of the Monetary Policy Committee
→
relationship between the Bank of England and HM Treasury → |
| relatedTo |
independence of central banks
→
inflation targeting regime in the United Kingdom → |
| requires |
the Government to specify the economic policy objectives
→
the Government to specify the price stability target → |
| royalAssent |
1998
→
|
| shortTitle |
Bank of England Act 1998
→
|
| subjectMatter |
central banking
→
economic policy → monetary policy → |
| transfersFunction |
setting of short-term interest rates to the Bank of England
→
|
| typeOfReform |
central bank independence reform
→
|
| yearOfAct |
1998
→
|
Referenced by (7)
| Subject (surface form when different) | Predicate |
|---|---|
|
Bank Rate
→
Financial Policy Committee ("Bank of England Act 1998 (as amended)") → Monetary Policy Committee → Prudential Regulation Authority ("Bank of England Act 1998 (as amended)") → |
legalBasis |
|
Financial Services Act 2012
→
|
amends |
|
Monetary Policy Committee
→
|
formedBy |
|
Bank of England Act 1998
→
|
shortTitle |