BOE Instant Answers Dec 15

1.    Was the Bank Rate raised, and if so by how much? Yes, by 50bp to 3.5%.

2.    Number of members voting for unchanged rate (or cut)? Two for unchanged (Tenreyro and Dhingra).

3.    Number of members voting for a 50bp hike? Six. 

4.    Number of members voting for a 75bp or larger hike? NB: On questions 2-4 we will name the dissenters. One vote for 75bp (Mann).

5.    Did the MPC say, that in the run-up to the December policy decision, it believed market pricing was over-estimating the peak for Bank Rate? No.

6.    Did the MPC again say “forceful” action could be used “if required”/ “as necessary”? Yes- the MPC repeated that "if the outlook suggests more persistent inflationary pressures, it will respond forecefully, as necessary".

7.    If any ‘guidance’ was offered by the MPC, was it backed by all or by most/majority of the MPC? All.

8.    Did the MPC say "Any future increases in Bank Rate are likely to be at a gradual pace and to a limited extent"? No.

9.    In the December statement, did the MPC include the phrase …the committee judges that the current monetary policy stance is now appropriate? No.

10.    Around what level and when do the MPC see CPI peaking? No reference to a CPI peak in statement (However, in the letter exchange, Chancellor Hunt notes MPC 'projections' point to inflation having peaked)