In these remarks, Huw explains why he has supported raising Bank Rate to 4% in recent MPC meetings. He argues that clear, prompt and decisive policy action and communication would help steer markets, reduce uncertainty and support monetary policy transmission, thereby avoiding that inflationary pressures originating in the Middle East become embedded and persistent.
Remarks
Thanks to our hosts at the Edinburgh Chamber of Commerce for the opportunity to speak at the roundtable this evening.
As a member of the Bank of England’s Monetary Policy Committee, it is always a pleasure to engage with the business community here in Scotland: not only to celebrate your opportunities and successes, but also to inform our policy discussions through a better understanding of your experiences and concerns.
As we heard reverberate across the cities of North America this summer: “No Scotland, no party!”
In my remarks today, I will survey the impact of recent events in the Middle East on the outlook for monetary policy here in the UK. Drawing on staff analysis prepared for the MPC’s deliberations, I will explore the issue through three distinct (though homophonic lenses.
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