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Financial News: BoE Policymakers Split On Rate, QE

BoE Policymakers Split On Rate, QE

11/04/2021 - 08:23:00 (RTTNews)

(RTTNews) - Policymakers of the Bank of England decided to maintain its record low interest rate and quantitative easing in a split vote.

Seven members of the Monetary Policy Committee voted to leave the key interest rate unchanged at 0.10 percent, while Dave Ramsden and Michael Saunders sought a 15 basis point rate hike, the bank said in a statement on Thursday. Ramsden and Saunders said the economic outlook warranted a tightening in the monetary policy stance at this meeting.

Further, the MPC voted 6-3 to retain the existing stock of corporate bond purchases at GBP 20 billion and the government bond purchases target at GBP 875 billion.

Catherine L Mann, Dave Ramsden and Michael Saunders preferred to reduce the target for the stock of UK government bond purchases to GBP 855 billion from GBP 875 billion.

The MPC judged that it would be necessary over coming months to increase Bank Rate in order to return CPI inflation sustainably to the 2 percent target.

According to the latest forecast, CPI inflation will rise to 4.5 percent in November and remain around that level through the winter, accounted for by further increases in core goods and food price inflation.

Overall, GDP was expected to grow by around 1.5 percent in third quarter of 2021 and by 1 percent in the fourth quarter in the November Report projections, around half of the rates envisaged in the August Report.

As a result, GDP was expected to remain below its pre-Covid level until the first quarter of 2022.

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