How Burnham’s Team Could Reshape the Bank of England The Bank of England's mandate, which focuses on price stability through inflation targeting, has been widely criticized for being too narrow and inflexible in the face of modern economic challenges.
This remit, which has been in place for over two decades, has failed to deliver stable prices and has choked off economic growth by raising interest rates too high.
One reason for this inadequacy is its inability to respond effectively to supply side shocks, such as those caused by climate change and global conflicts.