Thursday, 14 December, 2017

BoE Chief: Monetary Policy Is Stimulative, Fiscal Policy Is Restrictive

Reuters Reuters
Kelvin Reese | 18 October, 2017, 00:44

The BoE surprised investors last month when it said most of its rate-setters expected to increase borrowing costs "in the coming months", even though Britain's economy is growing more slowly than other European economies and uncertainties about Brexit are mounting. Noting that country has not yet seen summit level of snuff, Carney said bank's primary mission was to realize inflation target, which is 2 percent.

He said he expects the rate to peak this month or in November at slightly more than 3 per cent, and that he and colleagues at Bank of England had expected inflation to hit 3 per cent around now.

Bank of England governor Mark Carney told the Treasury Select Committee in Westminster this morning (17 October) that he expects United Kingdom inflation to peak at just more than 3 per cent, in the next two months. The important thing is to focus on actions of bank's jurisdiction, Carney said, "we can contribute to price stability and financial stability". She said she might vote for a rate rise as "we are approaching a tipping point" but said she was watching the economic data closely as "rasising rates too soon would be a costly mistake".

According to the statistics agency, the overall inflation rate in the United Kingdom is higher than in most other European Union countries.

He said it is more likely than not that he will write open letter to Chancellor Philip Hammond, explaining why inflation exceeded the target by one percentage point.

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"Overall, today's data are consistent with our view that the Monetary Policy Committee will raise interest rates in November, but it won't be panicked into doing so by concerns about inflation".

"However, the mixed views with regards to wage growth suggest that it may become hard for the MPC to justify further hikes in future".

"The MPC will probably be focussed more on tomorrow's wage growth figures for any signs that domestic cost pressures are building", he said, predicting inflation will be back below 3% by the end of the year and will end 2018 at around 2.25%.

Wednesday's United Kingdom jobs report is forecast to see average wages dip back to 2%, with growth expected to remain limp for the next few months.

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