Scrutinising the Bank of England

Monetary policy is a matter for the independent Bank of England. I remain firmly supportive of this independence, and the Bank's 2 per cent inflation target is a cornerstone of the UK's financial stability and continued prosperity.

Inequality has been falling in recent years, with the latest data from the Office for National Statistics showing it to be at its lowest level for 30 years. Thanks to a strong economy, and reforms such as the introduction of the National Living Wage, the lowest paid have seen their pay go up by the most in recent years. 

I do understand there are concerns about uncertainty around Brexit, which is why the Government is seeking to provide clarity for businesses and consumers as it negotiates for withdrawal from the European Union. The Bank of England has also been clear that the potential impacts of Brexit are fully considered when setting monetary policy.