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<p>The independent Monetary Policy Committee (MPC) is responsible for setting monetary
policy to deliver its primary objective of maintaining price stability. As the MPC
remit makes clear, ensuring price stability is an essential pre-requisite for economic
prosperity. The MPC is accountable to both Parliament and the public, through regular
reports and evidence given to the Treasury Committee. The Bank of England has previously
produced analysis of the distributional effects of asset purchases on different groups
in society. At the August Inflation Report hearing on 7 September the Bank committed
to updating this analysis.</p>
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