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Bank of England, not yet impressed with UK economic data

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At the monetary policy meeting last week, the Bank of England left the key interest rate unchanged at 0.50%, while maintaining the asset purchase program at 435 billion GBP, by a unanimous vote. The previous dissenter, Ian McCafferty was also on board, this time, around.

The central bank’s meeting minutes, however, gave the view that policy makers are not taking things lightly. The meeting minutes had many references to potential policy easing in November. However, the bank’s statement showed that recent economic performance was better than expected.

“Nevertheless, since the August Inflation Report, a number of indicators of near-term economic activity have been somewhat stronger than expected. The Committee now expect less of a slowing in UK GDP growth in the second half of 2016,” the statement said.

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Paul

The author Paul