(Bloomberg) --
The Bank of England's quarterly Inflation Report will now be called the Monetary Policy Report, the central bank said in a statement on Thursday.
The change is effective from the bank's next policy announcement on Nov. 7, when it will also publish forecasts on growth and inflation. It reflects the bank's “ongoing efforts to improve its communications,” the statement said. The title is the same as the quarterly report at the Bank of Canada, where Carney was governor for 5 and a half years until 2013, as well as an annual update that the Federal Reserve submits to Congress.
The BOE has published the Inflation Report since at least 1993, according to its website. That means it predates the operational independence of the bank, which occurred in 1997.
As well as the new name, the report will also have a new format, with the first chapter of the refreshed document comprising the BOE's analysis of the economic outlook. Meanwhile chapters on global developments and domestic financial conditions, demand and output, supply and the labor market, and costs and prices, will be condensed into a single chapter on current economic conditions.
The report will also have a new “In Focus” section, which the BOE says will describe “the issues that have received particular consideration in the latest forecast, with a view to making the report more thematic.”
“This new format gives the MPC greater flexibility to adapt one of its key communications tools to changing circumstances and to present data and analysis in a more thematic way,” the BOE said.
To contact the reporters on this story: Jill Ward in London at jward98@bloomberg.net;David Goodman in London at dgoodman28@bloomberg.net
To contact the editors responsible for this story: Fergal O'Brien at fobrien@bloomberg.net, Brian Swint, Lucy Meakin
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