Monetary policy of central bank in the period 2000-2020. Econ Essay

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Bank of England Banking Policies for Period 2000-2020
The Bank of England strives to set monetary policy to keep inflation low and stable. The ultimate objective of such a policy is to support growth and job creation. Besides economic stability support, the Bank of England's responsibility entails supporting the Government’s economic policy. Monetary policy is an action that is taken through the central bank to influences how much money is in the economy and how much it costs to borrow.
Over recent decades, the Bank of England has implemented policies through the Monetary Policy Committee (MPC). These policies are targeted at achieving the Government’s target of keeping inflation at 2%. The MPC is comprised of the Governor, deputy governor, a new second deputy, two bank executive directors, and four experts who are appointed from outside the Bank. They meet monthly to decide on Bank Rates. Each member of the Committee is accountable for his or her monetary policy judgment. Decisions are taken by a simple majority. The MPC is expected to monitor economic information carefully within and outside the United Kingdom for the members to come able with reliable and c...