In the UK only 5% of people know who the MPC is and 4% think the ECB sets UK interest rates

There's more to the BOE survey than they let on

On looking through the BOE GFK survey one thing sticks out. The questions run from 1-8 then jump to 14. The rest are hidden away in the historical compilation of survey responses

Hidden among them is a couple of questions on who sets UK monetary policy

H/T to Mike Bird (@Birdyword) who has pointed me in the right direction and has highlighted some data that shows that there's many in the UK who don't know who sets monetary policy.

5% of respondents know who the MPC is and a further 51% haven't a clue of the body that sets rates. 34% came close by choosing the Bank of England

62% know the BOE is involved in setting rates but 4% think it's the ECB. 13% think it's government ministers

These two questions are only run periodically but there's no real change in the results looking back

One of my biggest bugbears of this country is a lack of knowledge about the most simplest of financial mechanics, mainly due to poor education in such matters. Many people have warned that millions will be thrown back into debt trouble as soon as interest rates go up, and you can bet your last shilling that some in the UK press will make front page news of rate hikes affecting people and how bad they are. The fact is that these last 6-7 years of lows rates have been a gift for many to reduce the debt burdens from before the crisis and put themselves in a better financial position. Of course I acknowledge that it is, and will be, tough for those who have lost jobs and are struggling under debt still but the rest of the population should have made these years count

The BOE can give all the forward guidance they want but it's the government who should be making people more aware or how to manage their finances and that starts with education