The head of the Treasury sets a goal for the inflation rate and leaves it to the BoE to decide which policies will achieve that goal. If the target is missed by more than one percentage point on either side, the BoE’s governor must send an open letter to the head of the Treasury explaining why (and what the Bank proposes to do about it).
在英国，英格兰银行拥有“工具独立性”而不是“目标独立性”。财政部设定目标通货膨胀率，由英格兰银行决定采用何种政策来实现这一目标。如果结果偏离超过1%而不能实现目标，行长就必须向财政部发送一封公开信解释原因（以及央行提议应当采取什么措施进行补救）。