Government of Nova Scotia, Canada

Home > Economics and Statistics > Archived Daily Stats
The Economics and Statistics Division maintains archives of previous publications for accountability purposes, but makes no updates to keep these documents current with the latest data revisions from Statistics Canada. As a result, information in older documents may not be accurate. Please exercise caution when referring to older documents. For the latest information and historical data, please contact the individual listed to the right.

<--- Return to Archive

For additional information relating to this article, please contact:

Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

December 19, 2024
BANK OF ENGLAND MONETARY POLICY

The Monetary Policy Committee (MPC) of the Bank of England voted to maintain the Bank Rate at 4.75%.

UK GDP grew 0.1% in Q3 2024, lower than expected in the November Monetary Policy report. MPC expects zero growth in Q4 2024, weaker than November projections. Household consumption had risen by 0.5% Q3 and government spending and business investment have each risen by around 1%.

The MPC has determined that the labour market is broadly in balance. Job vacancies have continued to fall and unemployment rate remained stable at 4.3% for the three-month period ending October.

CPI inflation grew to 2.6% in November and was slightly higher than previous expectations. Inflation in core goods and food was stronger and services consumer price inflation remains elevated. However, inflation expectations have normalised.

The MPC will continue to monitor for persistent inflationary pressures and use a gradual approach to removing policy constraints. The Bank of England cautions that monetary policy will need to remain restrictive for a period long enough to achieve the 2% inflation target sustainably over the medium term.

The next scheduled monetary policy meeting will be on February 6, 2025.

Source: Bank of England, Monetary Policy Summary



<--- Return to Archive