The Bank of England (BoE) published an exchange of letters between Governor Andrew Bailey and the Chancellor of the Exchequer on April 30, 2026, regarding CPI inflation for April 2026. The Governor's letter indicated that inflation is significantly off its 2% target, necessitating a formal explanation to the Chancellor.
Original release: Exchange of letters between the Governor and the Chancellor regarding CPI Inflation - April 2026
What was announced
The BoE confirmed that the Consumer Price Index (CPI) inflation rate for April 2026 deviated significantly from the central bank's 2% target. This triggered the formal exchange of letters, a mechanism requiring the Governor to explain the reasons for the miss and outline planned actions to
