Osborne confirms Bank of England 2 percent inflation target

LONDON, Jan 14 (Reuters) - British Chancellor George Osborne confirmed the Bank of England's inflation target at 2 percent on Wednesday, and made minor changes to procedures when the target is significantly missed.

In a speech on Wednesday, Osborne said that in case of an inflation undershoot or overshoot of more than 1 percentage point, the BoE would need to publish a letter to coincide with its inflation report forecasts.

"This will apply for the first time to the open letters that the Governor and I will write, responding to the latest inflation number, alongside the Inflation Report on 11th February," Osborne said.

(Reporting by David Milliken, editing by Andy Bruce)