Rejected petition: Make Bank of England target inflation, growth and rate stability all at 2-3%
Rejected on
Bank of England raises rates regardless of inflation's cause — like giving paracetamol for every disease. We call on Parliament to legislate a Triple Mandate: inflation, growth and interest rate stability — all at 2–3% — so monetary policy serves everyone, not just inflation target alone.
Inflation was energy-led - gas from 54p to 450p per therm - not caused by mortgages, rents or business loans. Yet BoE raised rates to 5.25%, deepening cost of living crisis. Mortgages £800 to £1350pm, rents up 20%, business loans 8-9%, savers didn't get this rate either. Growth only 1.3% in 2025, debt 95% of GDP - hard to manage finances. Curing energy inflation with interest rates is absurd - address specific issues with specific tools. Don't make everyone pay for inflation they didn't cause.
Why was this petition rejected?
It’s not clear what the petition is asking the UK Government or Parliament to do.
We find this petition unclear and do not understand from the text how the Triple Mandate you mention would function - would the new statutory position be advisory or would this be expected to bind the Govt and/or the BofE in some way?
You may wish to submit another petition setting out your ask more clearly.
We only reject petitions that don’t meet the petition standards.