LONDON (Reuters) - The Bank of England said on Thursday it would provide less detail on the general health of Britain’s economy in its quarterly Inflation Report and rename the 20-year-old publication the Monetary Policy Report instead.
The central bank — which is due to give its next update on the British economy on Nov. 7 — said the changes would allow it to provide more analysis of topical issues each quarter.
As well as setting out the Monetary Policy Committee’s latest interest rate decision and the thinking behind it, the bulk of the 40-page Inflation Report is devoted to chapters on the past three months’ developments in global markets, British growth, the jobs market and inflation.
In future, these four chapters will be reduced to a single summary, and more prominence will be given to a separate chapter on the MPC’s forecasts for growth, unemployment and inflation.
“Explaining the analysis behind that policymaking process continues to be the central role of the document,” the BoE said.
There will also be expanded sections on issues that have been subject to particular debate during the previous quarter.
Under Governor Mark Carney, who is due to step down at the end of January, the BoE provided significantly more detail on the assumptions behind its main forecasts for growth and inflation than was originally the case.
Reporting by David Milliken; Editing by Catherine Evans