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John McDonnell, shadow chancellor, of UK Labour Party confirmed that the party will review the mandate of Bank of England (BOE) to make it more focused on growth and investment.
As of now, the Bank's monetary policy objective is to deliver price stability - low inflation - and, subject to that, to support the Government's economic objectives including those for growth and employment. Price stability is defined by the Government's inflation target of 2%.
Mr. McDonnell highlighted that BOE is not currently meeting its mandate on inflation. He also said that BOE's mandate could be revised so that the bank would be charged with "prosperity in the economy" and "long- term investment in infrastructure".
This review of mandate, which could lead to a change in the frame work, how the banks operate, even if its independence is not taken away.
And for obvious reasons, pound can be very much affected if growth becomes new agenda, which could lead the bank to introduce more stimulus.
As of now, majority of the BOE members expect rate hike would be most suitable and likely policy path while member like chief economist Andy Haldane calling for more stimulus.
Pound is currently trading at 1.519 against Dollar.
