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September 13, 2018MONETARY POLICY: UK The Bank of England's Monetary Policy Committee (MPC) voted unanimously to maintain the Bank Rate at 0.75 per cent. The MPC also voted to maintain the stock of UK non-financial corporate bonds stock at £10 billion and the stock of UK government bond purchases at £435 billion.
The MPC's August projections appear to be on track. Gross Domestic Product grew by 0.4 per cent in 2018Q2, and the labour market has continued to tighten, with the unemployment rate falling to 4.0 per cent and vacancies rising further.
The global economy still appears to be growing at above-trend rates. In emerging market economics, indicators of growth have continued to soften and financial conditions have tightened further. Recent announcements of protectionist measures in the US and China could have a more negative impact than anticipated in the August report.
If the economy were to continue to develop in line with the August Inflation Report projctions, ongoing monetary policy tightening would be appropriate to return inflation to the 2 per cent target at a conventional horizon.
Bank of England
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