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Bailey says price stability must come first for BoE

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FILE PHOTO: Governor of the Bank of England Andrew Bailey addresses the Monetary Policy Report Press Conference, in London

LONDON (Reuters) - The Bank of England's mandate requires it to prioritise price stability above other public policy goals, Governor Andrew Bailey said at a panel discussion on inequality on Tuesday.

"We don't have a dual mandate in the same way (as the U.S. Federal Reserve)," Bailey told the discussion among central bankers on diversity, inclusion and inequality.

"We have a single inflation or price stability mandate, which is interpreted as an inflation target. The precise language - and this is important because it is hierarchical - is price stability, and subject to that supporting other objectives of the government," he added.

(Reporting by David Milliken; Editing by William Schomberg)

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