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November 03, 2022BANK OF ENGLAND MONETARY POLICY At its meeting on November 2, 2022, the Monetary Policy Committee of the Bank of England voted to increase the Bank Rate by 0.75 percentage points to 3.0%.
UK energy prices have been volatile, however, uncertainty slowly declined following the announcement of support measures such as Energy Price Guarantee. CPI inflation has slightly risen in September to 10.1% and is further expected to increase to 11.0% in Q4. This inflation outlook is lower because of the Energy Price Guarantee.
UK GDP is expected to have contracted by 0.5% in Q3 and is projected to contract a further 0.3% in Q4. Ongoing GDP contractions are expected through to the first half of 2024 because of elevated energy prices and tighter financial conditions.
The UK labour market remains tight, though in September and labour market demand had begun to ease. Service prices and nominal wages have significantly increased, while core goods price inflation was less than expected. Employment growth has slowed but not decreased. The slow employment growth might be reflection of recruitment difficulties and slowing manufacturing sector. The unemployment rate based on the Labour Force Survey (LFS) has fallen to 3.5% in the three months till August.
The Monetary Policy Committee of the Bank of England announces its next interst rate descision on December 15.
Source: Bank of England, Monetary Policy Summary, Monetary Policy Summary, September 2022, Monetary Policy Report, November 2022
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