Should the BoE revise the inflation target more frequently?

Ian Kernohan Economist, RLAM   The whole point of an inflation target is it provides a simple objective against which households, companies and the government can plan for the long term. A target that could change every year would be completely ineffective. Inflation is now more than double the 2% target and that has provoked considerable debate. However, although the MPC has come under severe criticism for missing the target, people often forget that, until the inflation target was introduced in the early 1990s, various inflation anchors had been tried and failed: incomes...