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Barbara Ruszel Economist
Tel: 902-424-1848Email: Basia.Ruszel-Lichodzijewska@novascotia.ca

December 14, 2017
MONETARY POLICY: UK

The Bank of England's Monetary Policy Committee (MPC) voted to maintain the Bank Rate at 0.5% and to maintain the UK non-financial corporate bonds stock of £10 billion and the stock of UK government bond purchases at £435 billion. The MPC notes that the erosion of slack in the economy has reduced the degree in which it is appropriate to accommodate an extended period of inflation above target. The Committee views that if economy evolves as expected that further modest increases in Bank Rate will be warranted over the next few years.

Recent macroeconomic data has been mixed. Global growth remains strong while domestic activity indicators suggest a slower Q4. The labour market remains tight. Developments around the UK's withdrawal from the European Union remain source of significant uncertainty. CPI inflation was 3.1 per cent in November, lifted by higher import prices resulting from past sterling depreciation. The MPC views inflation is likely close to its peak and will decline towards 2 per cent target over the medium term.

 

 

Bank of England



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