By Shivani Maru
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| Mark Carney with prominent members of the UK's Monetary Policy Committee. Image credit: cityam.com |
The MPC is short for the Monetary Policy Committee; a committee in the Bank of England that controls the base interest rate in the UK. They meet every month in order to discuss what they believe the interest rate should be.
The main aim of the MPC is to
alter the rate of interest in order to meet the inflation target. In the UK,
the inflation target is 2% CPI, which has been set by the government. Although this may seem like a simple task, it
actually is quite daunting.
