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Old Exposures, New Actors: Implications For Monetary Policy Of The UK’s External Imbalances − Speech By Catherine L. Mann, Bank Of England, Member Of The Monetary Policy Committee, Given At The London School Of Economics And Political Science

Date 13/05/2026

 

Catherine L. Mann explores the UK’s current account deficit and discusses how it is financed by a financial account surplus. She focuses on how energy shocks affect the trade deficit, the role of valuation effects for the UK’s net international investment position, and why changes in the investor base of gilts matter for monetary policy.