However, over this period the UK also experienced sustained exchange-rate misalignment, which the BoE’s Monetary Policy Committee was unwilling or unable to address within its existing mandate. The MPC also failed to respond to any of the three bouts of rapid growth in house prices that preceded the financial crisis, arguing that they were structural in nature –caused by the decline in inflation and interest rates since the 1980’s – so a monetary response was not appropriate.
但是，在此期间，英国也经历了持续的汇率失调——英格兰货币政策委员会（MPC）不愿或无法在其现有全县范围内解决这一问题。MPC也没能对金融危机前的三次房价快速上涨做出反应，并辩解说房价的上涨是结构性的，原因在于20世纪80年代以来的通胀和利率下降，因此用货币政策予以反应是不合适的。