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BNP View Ahead of Sep MPC Meeting

BOE
  • Expect "one or two votes for more stimulus" in the form of either more QE or a rate cut. Note that "a vote for a negative Bank Rate next week as a risk, but it is not our central case."
  • BNP think that "the MPC will ultimately have to deliver more stimulus" and look for GBP100bln QE in November.
  • Note that "if the UK was to leave without an agreement this year, or that this looked likely by the time of November's meeting" BNP would then "also expect a 10bp cut in interest rates and possibly an even larger increase in QE."

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