On 25 November 2025, the National Institute of Economic and Social Research (NIESR), in collaboration with BNP Paribas Asset Management, convened a high-level, invite-only roundtable to discuss the monetary policy framework of the UK. This in-person event brought together former members of the Bank of England’s Monetary Policy Committee, leading academic economists, and senior market economists who closely follow the Bank’s decisions.
Unlike several other major central banks—including the Federal Reserve and the European Central Bank—the UK has not undertaken a formal, public review of its monetary policy framework. Yet the environment in which the Bank of England operates has changed profoundly. The purpose of the Roundtable was to provide substantive external scrutiny and constructive feedback on a small number of specific aspects of the MPC’s framework, rather than to attempt a comprehensive review of the framework as a whole. The aim was to focus attention on areas where recent experience has raised particularly acute questions, and where external perspectives could be most valuable.
The Roundtable was therefore organised into two sessions, each addressing a distinct but complementary issue. Participants were asked:
to consider what the UK’s monetary policy “playbook” should be the next time the economy is hit by a large adverse shock that requires Bank Rate to be reduced to zero
how the Monetary Policy Committee should communicate its outlook, decisions, and uncertainty in light of the recommendations of the Bernanke Review. Participants were invited to assess what principles should govern the MPC’s external communications in a world of heightened uncertainty and disagreement
This e-book brings together the prepared contributions, alongside a synthesis of the general discussion from each session. Readers will notice that there was broad agreement on some issues, but not on others; understanding where consensus exists—and where it does not—is valuable in its own right.