On 6 May 1997, operational responsibility to set interest rates was granted to the independent Bank of England by the Chancellor of the Exchequer, Gordon Brown. Guidelines for the creation of a new "Monetary Policy Committee" were laid out in the Bank of England Act 1998. The Act also set out the responsibilities of the MPC: it would meet monthly; its membership comprise the Governor, two Deputy Governors, two of the Bank's Executive Directors and four members appointed by the Chancellor. It should publish minutes of all meetings within six weeks (in October 1998 the committee announced plans to publish far more quickly, after only one). The Act gave the government responsibility for specifying its price stability target and growth and employment objectives at least annually. The original inflation target the government set for the MPC was 2.5% per year on the RPI-X measure of inflation, but in 2003 this was changed to 2% on CPI. The government reserved the right to instruct the Bank on what rate to set in times of emergency.