IEA Featured Publications
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26 January 2020
Research
In January 2020, the Shadow Monetary Policy Committee (SMPC) voted by six votes to three to keep Bank rate at 0.75%. But six of those who voted had a bias to raise rates in the next few months. The majority view to keep rates at 0.75% was based on signs that the UK economy faltered ...
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26 January 2020
3 November 2019
SMPC
At its final meeting of 2019, the Shadow Monetary Policy Committee (SMPC) voted by eight votes to one to keep Bank rate at 0.75%. Although the vote was held before Parliament decided to hold a General Election on 12 December 2019, none of the Committee members has changed their view. The adverse effects of uncertainty ...
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3 November 2019
15 September 2019
Research
An email poll of members of the Shadow Monetary Policy Committee (SMPC) carried out in late August, and early September 2019 resulted in a vote to keep interest rates on hold by six to three, the same margin as in July. Three dissenters wanted to raise rates by ¼% immediately and then gradually to around ...
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15 September 2019
31 July 2019
SMPC
In July 2019 the Shadow Monetary Policy Committee (SMPC) voted by six three to keep Bank rate at 0.75%. Concerns about Brexit was one of the critical reasons that those that voted to keep rates on hold did so. Uncertainty about a deal, its terms and an extension of the deadline for the UK to ...
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31 July 2019
16 June 2019
SMPC
Based on its email conducted during early June 2019, the Shadow Monetary Policy Committee (SMPC) voted by a margin of five to four to keep Bank rate at 0.75%. As in May, the vote remains close, with four wanting a ¼ point rise. Those voting to raise rates focussed on the strength of the consumer ...
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16 June 2019
2 May 2019
Research
Shadow Monetary Policy Committee votes to hold bank rate
At its second full meeting of 2019, held in April, the Shadow Monetary Policy Committee (SMPC) voted by a narrow margin to keep Bank rate at 0.75%. Five voted to hold rates and four voted for a ¼ point rise. Four main reasons were given by those voting to keep rates at 0.75%. First, raising ...
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2 May 2019
18 March 2019
SMPC
Shadow Monetary Policy Committee votes to hold bank rate
In its March 2019 e-mail poll, the Shadow Monetary Policy Committee (SMPC) elected, by a vote of six to three, to hold rates in March. The three favoured a 0.25% rise. As in previous recent meetings, advocates of holding rates noted that broad money growth continues relatively weak, with some saying that the Bank should ...
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18 March 2019
5 March 2019
Research
SMPC votes unanimously to hold bank rate this month
The Global Economy Backdrop: Julian Jessop referred to his presentation slides. He said he will begin with the global backdrop, then move on to the recent performance of the UK economy, before concluding with a discussion of Brexit risks. He said that with the focus on Brexit, something that is not often mentioned is that ...
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5 March 2019
Anthony J Evans
18 December 2018
Research
A critical assessment of UK monetary indicators
Summary: The Monetary Policy Committee of the Bank of England’s reliance on faulty indicators has led to suboptimal policy decisions and masked what is actually happening in the economy. The introduction of quantitative easing (QE) in 2009 has made the money supply relevant again and made a discussion about alternative money supply measures of direct ...
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Anthony J Evans
18 December 2018
17 December 2018
SMPC
SMPC votes Six / Three to Hold Bank Rate in December
In its December 2018 e-mail poll, the Shadow Monetary Policy Committee (SMPC) elected, by a vote of six to three, to hold rates in December. The three favoured a 0.25% rise. Advocates of holding rates noted that broad money growth continues relatively weak, with some saying that the Bank should consider re-starting quantitative easing if ...
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17 December 2018
