The committee of Bank of England officials and outside economic experts that has been responsible for setting interest rates in the UK since 1997. Prior to this date, interest rates were set by the Treasury.
In the UK, a statement made by the Chancellor of the Exchequer in October-December that reports on the state of the economy and points forward to the Budget he will unveil in the spring.
The Retail Price Index (RPI) is a measure of inflation published monthly by the UK government. It indicates the rate of price change for a fixed basket of goods and services, which reflects the spending habits of households.
Stagflation refers to a period where an economy experiences stagnant growth while simultaneously facing high inflation. This economic anomaly challenges conventional economic theories which typically expect inflation to rise during periods of high economic growth or vice versa.
