Here is George Osbourne’s letter to Mark Carney, Governor of the bank of England, in March 2015 (the time of his last budget before the election of May 2015). This letter sets the framework within which the independent Bank of England must operate, for example, in maintaining an inflation target of 2% per annum. If the economy fails to reach this target – undershooting as in 2014 (where inflation was close to zero by the year end) or overshooting as in 2013 then the Governor of the Bank of England has to write to justify the outcome to the Chancellor. Try rewriting this letter as a simplified version in your own words.