Bank of England Makes No Policy Change

January 30, 2020

The Bank of England’s policy rate has been 0.75% since a pair of 25-basis point hikes in November 2017 and August 2018. There were no changes made in 2019 or at this week’s first meeting of the Monetary Policy Committee this week. There were dissenting votes, however, but Saunders and Haskel, who have favored a 25-bp cut in each of the last three meetings. The MPC released the a rate decision statement and also published a new quarterly Inflation Report. Projected growth this year was reduced. Inflation is expected to hold below the 2% target until late 2021. Yet the Bank of England stands apart from the crowd of central banks that moved to a more expansionary monetary stance in 2019.

Copyright 2020, Larry Greenberg. All rights reserved. No secondary distribution without express permission.

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