LONDON (Thomson Financial) - External rate setters on the Bank of England's Monetary Policy Committee today reiterated their commitment to keep the inflation rate on target. Appearing before the Treasury Select Committee, David Blanchflower said the committee would "do everything to keep inflation down." There was broad agreement among the ranks of the external members, namely Tim Besley, Andrew Sentance, Kate Barker and David Blanchflower on the matter and they stressed the importance of managing wider inflation expectations. For his part, Besley noted that it would be critical for the upcoming inflation report next month to communicate the MPC's determination to tackle inflation.

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