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Oral evidence: Bank of England Monetary Policy Reports, HC 211

· Andrew Bailey, Governor of the Bank of England (United Kingdom)

Summary written by Dark Majestic in its own words · topics: monetary policy and interest rates, inflation and price stability, growth, investment and productivity, labour markets and jobs

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· Andrew Bailey Wiki · Bank of England WikiOral evidence: Bank of England Monetary Policy Reports, HC 211

ContextHearing of the Governor and members of the Monetary Policy Committee before the House of Commons Treasury Committee on the Monetary Policy Report.

Why it mattersBailey tells MPs that rates need to stay restrictive for an extended period.

Problems raised
  1. Inflation is well above the 2% target.
  2. High inflation hits the poorest households the hardest.
  3. Wage growth remains strong.
Solutions proposed
  1. Keep monetary policy restrictive for an extended period.
  2. Monitor wage and services inflation closely.
  3. Explain policy choices to Parliament.
Read full speech on committees.parliament.uk ↗

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