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Oral evidence: Bank of England Monetary Policy Reports, HC 419

· 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, climate, energy and nature, trade, fragmentation and geopolitics

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· Andrew Bailey Wiki · Bank of England WikiOral evidence: Bank of England Monetary Policy Reports, HC 419

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 mattersMPs question the Bank of England's rate-setters on the pace of rate cuts as the energy shock begins.

Problems raised
  1. Energy shocks historically derailed inflation targeting.
  2. The pace of rate cuts is debated.
  3. Tariff effects remain uncertain.
Solutions proposed
  1. Keep sight of the path towards 3% rates if data allow.
  2. Weigh slower cuts now against sharper cuts later.
  3. Watch global shocks closely.
Read full speech on committees.parliament.uk ↗

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