The FPC is separate from the Monetary Policy Committee (MPC), which sets monetary policy1. During the September 2022 gilt market turmoil, it assessed the risk of dysfunction in the market on September 28 and recommended that the Bank act2.

Notes

  1. Bank of England, "Bank of England announces gilt market operation" (September 28, 2022; checked on October 23, 2026), the paragraph on the MPC (which refers to its power to change interest rates). ↩

  2. Bank of England, "Financial Policy Summary and Record - October 2022" (checked on October 23, 2026), "UK economic and financial market developments". ↩