The UK Chancellor of the Exchequer has sent an official letter to the Bank of England containing an updated mandate (remit) for the Monetary Policy Committee (MPC) in the context of the 2026 Budget. This document is part of an annual procedure through which the government formally confirms or adjusts the tasks and objectives for the central bank in the field of monetary policy. The mandate traditionally includes an inflation target, as well as guidance on how the Committee should balance its price control objectives with supporting economic growth and employment. The Chancellor's letter sets out the framework within which the Bank of England retains operational independence in making decisions on interest rates and other monetary policy instruments. The publication of such a letter in conjunction with the budget is an established practice in the UK and is regarded as an important element of transparency in the relationship between the government and the central bank. The updating of the mandate may reflect changes in the country's economic situation, including inflation dynamics, the state of the labour market, and overall macroeconomic conditions. The specific details of any changes to the text have not been disclosed, however the very fact of issuing such a document underscores the continuation of the traditional annual cycle of coordination of monetary policy between the Treasury and the Bank of England within the budget process.