My previous report to the Treasury Committee was in February 2019. Since then, I have voted to keep Bank Rate unchanged at 0.75% in each of the subsequent eight Monetary Policy Committee meetings.
Two key developments have framed my assessment of the UK economy over the last year. Instead of abating, Brexit uncertainties intensified over 2019 as the Article 50 deadline was extended and the perceived risk of a cliff-edge outcome increased. And world growth did not pick up despite significant monetary easing abroad, as global trade tensions built further over 2019.
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