Box A: Public Confidence in the Bank of England

Ana Carolina Garriga

National Institute UK Economic Outlook, 2023, issue 12, 16-22

Abstract: Even though inflation has consistently fallen in the past two quarters, public confidence in the Bank of England's ability to bring inflation down and closer to its target has reached its historical low since the Bank started recording these data (figure A1). These results from the Bank's Inflation Attitudes survey are surprising because when the survey was conducted, inflation had just reached its lowest rate in 15 months, falling from 11 per cent in October 2022 to 6.8 per cent in July 2023. This change was also reflected in the respondents' expectations about inflation, suggesting that they were aware of this improvement in inflation outcomes.

Date: 2023
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