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September 19, 2024BANK OF ENGLAND MONETARY POLICY The Monetary Policy Committee (MPC) of the Bank of England voted to maintain the Bank Rate at 5.0%.
UK GDP grew 0.6% in Q2 2024, lower than expected in the August Monetary Policy report. Household consumption had risen by 0.2% on the quarter, and business and housing investment declined by 0.1%. Real government expenditures increased by 1.6%. Bank staff now expect a 0.3% growth in GDP in Q3 2024.
The MPC has examined that the labour market continues to loosen but it remains relatively tight by historical standards.
UK twelve-month inflation was 2.2% in July and August 2024. Energy prices continue to drag on CPI inflation. The CPI inflation is expected to increase slightly in the second half of this year, mainly due to the smaller drag on twelve-month inflation from domestic energy bills.
The MPC will continue to monitor for persistent inflationary pressures, including tight labour market conditions, behaviour of wage growth and services inflation. 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 November 7, 2024.
Source: Bank of England, Monetary Policy Summary
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