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Oral evidence: Bank of England Monetary Policy Reports, HC 7

· 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, public finances and debt

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· Andrew Bailey Wiki · Bank of England WikiOral evidence: Bank of England Monetary Policy Reports, HC 7

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 mattersRate-setters explain to MPs why the choice between inflation and growth is harder now than in 2022.

Problems raised
  1. The policy trade-off is sharper than in 2022.
  2. The economy is weaker and policy already tighter.
  3. Food and energy prices push inflation up.
Solutions proposed
  1. Weigh carefully the cost of tightening in a severe scenario.
  2. Consider fiscal measures on food prices.
  3. Assess the output gap before acting.
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