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Financial News: Bank Of England Policymakers Split On Rates

Bank Of England Policymakers Split On Rates

11/07/2019 - 07:41:00 (RTTNews)

(RTTNews) - The Bank of England maintained its key interest rate unchanged on Thursday but two members sought a rate cut.

Seven members of the Monetary Policy Committee voted to maintain the bank rate at 0.75 percent, while Jonathan Haskel and Michael Saunders preferred a quarter-point reduction.

Haskel and Saunders said some extra stimulus was needed now to ensure a sustained return of inflation to the target.

The committee led by Governor Mark Carney unanimously decided to retain the stock of corporate bond purchases at GBP 10 billion and government bond purchases at GBP 435 billion.

The committee judged that the existing stance of monetary policy is appropriate. Policymakers forecast economic growth to be roughly half that in 2018.

The bank projected GDP growth to pick up from 1 percent in the fourth quarter of 2019 to 1.6 percent by the end of 2020, and 1.8 percent by the end of 2021, and 2.1 percent in 2022.

In the MPC's latest projection, the level of GDP ends the forecast period around 1 percent lower than in August.

Inflation which is currently below 2 percent is expected to decline to around 1.25 percent by the spring. Then inflation is forecast to rise gradually to a little above 2 percent target.

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