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 ... Continue reading

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 ... Continue reading

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 ... Continue reading

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 ... Continue reading

Brexit uncertainty means Shadow Monetary Policy Committee votes Six / Three to Hold Bank Rate in November

At its meeting on 16th October 2018, the Shadow Monetary Policy Committee (SMPC) elected, by a vote of six to three, to hold rates in November. The three favoured a 0.25% rise. All members had a bias to raise. Advocates of holding rates noted the uncertainty about the Brexit deal (if any) that the UK ... Continue reading

SMPC votes Six / Three to Hold Bank Rate in September.

SMPC votes Six / Three to Hold Bank Rate in September. In its September 2018 e-mail poll, the Shadow Monetary Policy Committee (SMPC) elected, by a vote of six to three, to hold rates in September. The three favoured a 0.25% rise. Advocates of holding rates noted that the Bank raised rates last month and ... Continue reading

SMPC take vote on Bank Rate raise in July

The Shadow Monetary Policy Committee votes eight to one to raise Bank Rate in August On a vote of 8 to 1, the Shadow Monetary Policy Committee voted to raise Bank Rate in August. Seven members voted to raise the Base rate by ¼%. One member voted to raise by ½%. One member voted to ... Continue reading