The Bank of England is to follow several other advanced-economy central banks in conducting a review of its monetary policy framework, as structural economic change hampers conventional tools.

Mark Carney said BoE economists would embark on a year-long research project to examine whether the inflation-targeting framework remained fit for task. While he said the “bar for change to the regime is very high”, he cautioned against complacency.

“A careful and deliberate research review of the UK’s