2023-11-21-国家经济和社会研究所-公众对英格兰银行的信心_7页_233kb

Summary of Public Confidence in the Bank of England

Key Findings

• Public confidence in the Bank of England's ability to control inflation has reached a historical low, despite inflation falling to its lowest rate in 15 months. This is indicated by the Bank of England's Inflation Attitudes survey, where 40% of respondents expressed dissatisfaction in August 2023.
• Trends show that satisfaction is negatively correlated with inflation performance, gender (historically more women were dissatisfied, but this narrowed in 2023), and housing tenure (mortgage holders, who are affected by interest rate increases, showed higher dissatisfaction).
• At the individual level, factors like inflation expectations, housing status, and demographics influence satisfaction. Multivariate analysis reveals that mortgage holders are more likely to express dissatisfaction, while outright owners are less dissatisfied.
• The decline in trust may stem from economic strains and reduced policy effectiveness.

Importance

• Low public trust undermines the Bank's ability to anchor inflation expectations, potentially affecting its legitimacy and independence from political pressures, leading to worse macroeconomic outcomes.
• Trust is crucial for central banks to maintain public acceptance and fulfill their mandates effectively.

Recommendations

• The Bank should enhance financial literacy and communication strategies to address concerns, tailoring messages to vulnerable groups like mortgage holders.
• Improving diversity in policy committees could help reach broader audiences and rebuild trust.