Former BoE deputy backs dual mandate for UK central bank

John Gieve

John Gieve, a former deputy governor at the Bank of England (BoE), today championed dropping the central bank's inflation-targeting regime in favour of a Federal Reserve-style dual mandate and revealed he was underwhelmed by the changes made to the BoE's remit in yesterday's budget.

The UK chancellor of the exchequer, George Osborne, reworded the BoE's remit to formalise its use of unconventional monetary policy to support the economy, and to improve public understanding of how and why the Monet

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