Bank of England policymakers before Feb rate meeting

Reuters
·2 min read
Bank of England on track for first back-to-back rate rise since 2004

LONDON (Reuters) - The Bank of England will decide next week whether to raise interest rates for the second time in less than two months, as it wrestles with sharply rising inflation, which hit its highest in nearly 30 years in December.

Few BoE policymakers have spoken publicly since the Monetary Policy Committee announced on Dec. 16 that it was raising interest rates to 0.25% from 0.1%.

Following is a summary of MPC members' recent comments ahead of the MPC's next scheduled announcement on Feb. 3:

ANDREW BAILEY, GOVERNOR

Jan. 19: "If you think about the relationship between transitory and these second-round effects that can make it much longer, that again is a source of pressure in this story, which is a concern."

"I don't want to suggest that ... were we to consider it necessary, we don't have to take any action in terms of the Bank of England's action on interest rates."

"We can and will do everything we can do, I can assure you of that."

HUW PILL, CHIEF ECONOMIST

Dec. 17: Asked on CNBC television whether there would be "a lot more rate hikes to come", if inflation remained at its current level, Pill replied: "Well I think that's true."

"Yesterday was the Bank's response to a view that ... underlying, more domestically generated inflation here in the UK, probably centred around cost and wage pressures in a tight and tightening labour market, are going to prove more persistent through time."

CATHERINE MANN, EXTERNAL MPC MEMBER

Jan. 21: "The ingredients appear to be in place for inflation to stay strong for longer, but costs becoming embedded in prices to create a reinforcing dynamic is not inevitable."

"In my view, the objective for monetary policy now should be to lean against this 'strong-for-longer' scenario."

(Writing by David Milliken; Editing by William Schomberg)

  • Up next
  • Up next
  • Up next
  • Up next

Latest Stories

  • Celsius Holdings Inc CFO Jarrod Langhans Sells Company Shares

    Celsius Holdings Inc (NASDAQ:CELH), a global company with a proprietary, clinically proven formula for its brand of fitness drinks, has reported an insider sale according to a recent SEC filing.

  • Saint John announces street closures for film shoot

    Saint John says it will be drawing the velvet curtain over some city streets next week with a film production in town. The city announced street closures on Prince William Street from Princess to St. James Street from noon Sunday to noon Monday, as well as the south end of Bayside Drive from Hewitt Road to Red Head Road, towards Mispec Beach, from noon to midnight Wednesday. There was also a potential street closure announced for Peel Plaza from 2 p.m. to midnight May 8. According to the traffic

  • US military strategy tested as Iran-Israel warfare comes out of shadows

    The U.S. military's success helping Israel stop a massive wave of Iranian missiles and drones last weekend might suggest Washington is well prepared militarily for whatever comes next as Iran and Israel move from shadow warfare to direct confrontation. But current and former U.S. officials say U.S. forces are not positioned for a major, sustained Middle East conflict and the Pentagon may have to revisit assumptions about military needs in the region if the crisis deepens. "I don't think we have all the forces that we would want to support Israel if there was a direct war between them and Iran," said Michael Mulroy, a former deputy assistant secretary of defense for the Middle East under the Trump administration.

  • Pirates phenom Paul Skenes still has 'steps he needs to take' after comically dominant start to season

    Skenes has struck out 27 in 12 2/3 scoreless innings pitches at Triple-A so far this season.

  • Driver dragged officer while fleeing traffic stop: Sussex RCMP

    Police in Sussex say a 23-year-old being arrested during a traffic stop took off and dragged a police officer about 20 metres alongside his vehicle. Colton Bernard, 23, of St. George Street in Sussex, was charged Monday with obstruction of a peace officer, assault on a police officer, flight from police and dangerous operation of a motor vehicle dating to April 11, according to court documents. In a release Wednesday from Sussex RCMP, police say that on April 11, officers responded to a driving

  • Central Elgin gets $80M in offsets for land lost to VW mega-factory

    Millions in cash, a big key to unlock future growth – and provincial muscle to help. "Frustrated" only weeks ago by what he called the slow pace of compensation talks, after his municipality lost a big chunk of land to neighbouring St. Thomas to help it land a $7-billion Volkswagen factory, Central Elgin's mayor was in a much better mood after an "historic" deal with the city was announced Friday. “I feel a lot better today than I did a month ago,” Andrew Sloan said. “I think there were some del

  • Moffitt Cancer Center | Morning Blend

    We're talking about the signs and symptoms of thyroid cancer, plus treatment options with Moffitt Cancer Center.

  • Protesters Chant 'From the River to the Sea' on Harvard Campus

    Protesters gathered on Harvard University’s campus on Friday, April 19, one day after police arrested more than 100 demonstrators at Columbia University in New York City.Footage taken by Shabbos Kestenbaum captures demonstrators chanting, “From the river to the sea, Palestine will be free” on Harvard’s campus on Friday afternoon. The phrase used among anti-Israel protesters was condemned earlier in the week by the US House of Representatives, which deemed the slogan antisemitic in a vote of 377-44.Other footage shows the group chanting, “F*** you, Harvard.”According to New York City Mayor Eric Adams, the NYPD arrested at least 108 protesters on Thursday involved in the ongoing protests at Columbia. Credit: Shabbos Kestenbaum via Storyful

  • Mental health pros raising awareness on benefits of psychedelics

    Mental health pros raising awareness on benefits of psychedelics

  • WNBA moving date of its preseason game in Canada to avoid potential conflict with NHL playoffs

    EDMONTON, Canada (AP) — The WNBA is moving its preseason game in Canada between the Los Angeles Sparks and Seattle Storm to May 4. The game was originally scheduled for May 5 at Rogers Place in Edmonton, but the NHL’s Oilers could potentially be hosting a Game 7 of their first-round playoff series against the Los Angeles Kings that day. The WNBA game will tipoff at 9:30 p.m. EDT. The league is playing a preseason game in Canada for the second straight year. Last season, the Chicago Sky's win ove

  • Trump lawyers claim prosecutors want to ‘distract’ from hush money trial by ‘piling things on’ from other cases

    Judge Merchan will decide by Monday – when opening arguments in the hush money trial are expected to begin – what prosecutors can question Donald Trump about if he takes the stand to testify

  • At S$1.32, Is It Time To Put Food Empire Holdings Limited (SGX:F03) On Your Watch List?

    Food Empire Holdings Limited ( SGX:F03 ), might not be a large cap stock, but it saw a decent share price growth of 17...

  • Gutter Freedom | Morning Blend

    Gutter Freedom and Home can help you protect your home this spring.

  • Oxford shuts down institute run by Elon Musk-backed philosopher

    Nick Bostrom’s Future of Humanity Institute closed this week in what Swedish-born philosopher says was ‘death by bureaucracy’

  • Chilean organizations give new life to fashion leftovers

    STORY: Chilean organizations are giving new life to discarded clothes that end up in the Atacama desertLocation: Santiago, ChileOne group works with vulnerable youth, transforming clothes into tote bags (Diego Trincado, Chile Director, Adventist Development and Relief Agency)"It was shocking to be able to go through the clothes situated there and see the amount of clothes in that place, along with the volunteers who were there. We were unearthing clothes that came from other countries, some with labels and we saw that we had a job and something to do there.” Location: Iquique, ChileAnother initiative turns the garments into fashion pieces that seek to highlight sustainability

  • West Virginia will not face $465M COVID education funds clawback after feds OK waiver, governor says

    CHARLESTON, W.Va. (AP) — Gov. Jim Justice announced Friday that West Virginia will not face a clawback of $465 million in COVID-19 money from the U.S. Department of Education, alleviating concerns raised by state lawmakers during the final days of the legislative session in March. The Republican governor said in a statement that federal officials approved the state's application for a waiver for the money, which was a portion of the more than a billion dollars in federal aid the state received t

  • Video: Showers to start weekend

    Meteorologist Jacqueline Thomas says Saturday will start with showers before drier weather moves in.

  • Nuggets forward Michael Porter Jr. heads into playoffs against Lakers after trying week for family

    DENVER (AP) — Michael Porter Jr.'s coaches and teammates are rallying behind the Denver Nuggets starting forward who's had a trying week as the NBA's reigning champions head into their playoff opener against the Los Angeles Lakers. Porter, 25, missed practice Friday to attend his younger brother Coban's sentencing in a drunken driving crash that killed a 42-year-old woman last year. Coban Porter, 22, a former guard at the University of Denver, received a six-year jail sentence, which came two da

  • Model sailboat stolen from Old Key Lime House recovered

    A model sailboat stolen from a popular waterfront restaurant in Lantana has been returned to the owner.

  • CITY Furniture | Morning Blend

    CITY Furniture is working to go carbon neutral by the year 2040. This is a three-part journey involving a green delivery fleet, smart facilities, and large-scale recycling efforts.