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The term "fan chart" was coined by the Bank of England, which has been using these charts and this term since 1997 in its "Inflation Report" [1] [2] to describe its best prevision of future inflation to the general public. Fan charts have been used extensively in finance and monetary policy, for instance to represent forecasts of inflation.
The Bank of England has been a leader in producing innovative ways of communicating information to the public, especially through its Inflation Report, which many other central banks have emulated. [96] The bank celebrated its three-hundredth birthday in 1994. [84] In 1996, the bank produced its first Financial Stability Review.
The three Deputy Governors for Monetary Policy, Financial Stability and Markets and Banking; The Bank's Chief Economist; Four external members, appointed by the Chancellor of the Exchequer for a renewable three-year term; Each member has one vote of equal weight, [3] for which they can be held publicly accountable. [4]
Specifically, the Act gave the Bank of England responsibility for financial stability, bringing together macro and micro prudential regulation, and created a new regulatory structure consisting of the Bank of England's Financial Policy Committee, the Prudential Regulation Authority and the Financial Conduct Authority. [6] [7]
In 2009 he became the Bank of England's executive director of financial stability. [ 1 ] [ 8 ] Haldane has been widely cited as a leading Bank of England expert on financial stability [ 9 ] [ 10 ] [ 11 ] and is a co-author with Adair Turner and others of the London School of Economics The Future of Finance report. [ 12 ]
Spencer Dale (born 12 January 1967) is a British economist who sat on the Bank of England's Monetary Policy Committee from 2008 through 2014, including a period as Chief Economist. He is currently the group chief economist of BP .
In the United Kingdom, the official bank rate is the rate that the Bank of England charges banks and financial institutions for loans with a maturity of 1 day. It is the Bank of England's key interest rate for enacting monetary policy. [1] It is more analogous to the US discount rate than to the federal funds rate.
Under the Bank of England Act 1998 section 1, the bank's executive body, the "Court of Directors" is "appointed by Her Majesty", which in effect is the prime minister. [7] This includes the Governor of the Bank of England (currently Andrew Bailey) and up to 14 directors in total (currently there are 12, 9 men and 3 women [8]). [9]