However, this numerical goal is not specified in legislation in either country. In the United Kingdom, the Chancellor of the Exchequer sets the MPC’s inflation target: currently 2 percent per year for the U.K. consumer price index.
8 In the United States, in the FOMC’s Statement on Longer-Run Goals and Monetary Policy Strategy, first issued in 2012 and discussed annually, Committee participants have judged that the longer-run inflation objective that  5  See the text of the act in Bank of England (2015a).