Bank of England’s position on interest rates look even shakier
21 December 2023
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Monetary Policy
20 December 2023
In the Media
Shadow Monetary Policy Committee featured in The Herald
21 December 2023
Housing and Planning
Julian Jessop quoted in The Telegraph and The Mail
IEA Economics Fellow Julian Jessop has been quoted in The Daily Telegraph responding to news that inflation had dropped to a lower-than-expected rate of 3.9 per cent in November.
Julian said:
“The sharp fall in inflation in November makes the Bank of England’s position on interest rates look even shakier. Almost every leading indicator has been pointing firmly downwards for some time, notably the monetary aggregates, but some on the Monetary Policy Committee (MPC) still want to raise rates further.
“In reality, inflation is well on track to hit the MPC’s 2pc target in the first half of 2024, which would be at least a year earlier than the Bank has been forecasting. Deflation is now the bigger risk and interest rates are too high.”
Read the full piece here.
Julian was also quoted in The Daily Mail, The Scottish Daily Mail (page two), This is Money, Wealth Briefing, and Yahoo!.
Julian said:
“The sharp fall in inflation in November makes the Bank of England’s position on interest rates look even shakier. Almost every leading indicator has been pointing firmly downwards for some time, notably the monetary aggregates, but some on the Monetary Policy Committee (MPC) still want to raise rates further.
“In reality, inflation is well on track to hit the MPC’s 2pc target in the first half of 2024, which would be at least a year earlier than the Bank has been forecasting. Deflation is now the bigger risk and interest rates are too high.”
Read the full piece here.
Julian was also quoted in The Daily Mail, The Scottish Daily Mail (page two), This is Money, Wealth Briefing, and Yahoo!.
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