BOE Instant Answers for June 20 MPC - On Hold at 5.25%

Instant Answers for the BOE June 20 meet

1.    Was the Bank Rate changed, and if so by how much? No - held at 5.25%

2.    Number of members voting for cut? 2      (Ramsden, Dhingra vote 25 bps cut)

3.    Number of members voting for unchanged rate? 7

4.    Number of members voting for a hike? 0 

5.    Did the MPC say the next move in monetary policy was likely to be a cut? No

6.    Did the MPC (or the majority of MPC) again say Bank Rate is likely to “remain sufficiently restrictive for sufficiently long”? Yes - though now just says "restrictive" rather than "sufficiently restrictive".

7.    Did the MPC (or the majority of MPC) again say it “has judged since last autumn that monetary policy needs to be restrictive for an extended period of time”? Yes

8.    Did the MPC leave its guidance paragraph materially unchanged versus the May policy statement? Yes     

9.    Did the MPC (or a majority of the MPC) again say services consumer price inflation has declined but remains elevated? Yes ("elevated" not used, but services CPI noted as "somewhat higher than projected in the May report").

10.    Did the MPC (or a majority of the MPC) again say that the labour market continues to loosen but that it remains relatively tight by historical standards? Yes

From the Summary: "As part of the August forecast round, members of the Committee will consider all of the information available and how this affects the assessment that the risks from inflation persistence are receding".