(Since 1998, the U.K. Parliament has made a number of amendments to the Bank of England Act 1998--among them a change, in 2016, to the frequency of MPC meetings, from monthly to eight times a year. See Bank of England (2017a).)
Reforms boosting productivity growth and investment in innovation are essential to sustain the high rates of wage growth currently seen in the economy – of close to 8% – and thus to prevent competitiveness losses in the future.