By Lewis Kirkham of the Bank’s Monetary Assessment and Strategy Division.
Satisfaction with the way the Bank sets interest rates in order to control inflation has picked up in the past year to the highest level since 2007, according to the latest Bank/GfK NOP surveys. This is likely to reflect falls in households’ perceptions of inflation, as well as the general improvement in the economic outlook. Households expect increases in Bank Rate to be gradual, which seems consistent with recent guidance from the Monetary Policy Committee. Over the past year public awareness of the monetary policy framework has remained unchanged and public support for the inflation target has remained strong.
Public attitudes to monetary policy