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Here comes the Bank of England …
Reuters/Yuri Gripas
Bank of England Governor Mark Carney speaks at 2017 Institute of International Finance (IIF) policy summit in Washington, U.S., April 20, 2017
LONDON — The Bank of England will announce the result of its latest Monetary Policy Committee meeting at 12.00 p.m. BST (7.00 a.m. ET) today.
It is widely expected that there won’t be any change to the bank’s monetary policy, with interest rates set to stay at a record low of 0.25%, and the bank’s QE programmes capped at £435 billion, despite the surge in the rate of inflation to the highest level since mid-2013.
Falling sterling has pushed up the price of importing goods, passing through to everyday items that regular Brits buy.
This is now showing up in official inflation data, which at the latest reading sat at 2.9%.
In normal circumstances, such high inflation would likely push the bank to increase rates, but it must also balance the fact that the wider British economy is set to slow sharply in 2017, driven by Brexit-related uncertainty, and that the sharp growth in inflation seen in the UK right now is likely to be temporary.
Consequently, it seems likely that the bank will not only leave rates unchanged but that the composition of the vote will not shift either. Last month the bank voted 7-1 in favour of leaving rates on hold, with the notoriously hawkish Kristin Forbes the only dissenter.
Forbes, who is leaving the bank this summer, is unlikely to change her mind.
As the announcement is a normal MPC meeting, there is no associated press conference, however Governor Mark Carney will speak later on this evening, delivering a speech at London’s Mansion House alongside Chancellor of the Exchequer Philip Hammond.
This post will be updated once the Bank of England’s decision has been announced.
Read more stories on Business Insider, Malaysian edition of the world’s fastest-growing business and technology news website.
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