BOE: Instant Answers May 9

Below are the instant answers for the May 9 BOE policy decision.

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 - Dhingra, Ramsden

3.    Number of members voting for unchanged rate? 7

4.    Number of members voting for a hike? None

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

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) say there is a downside risk to the UK inflation outlook (or similar) in the Monetary Policy Statement? No - statement references "upside risks to the near-term inflation outlook from geopolitical factors"

10.    UK CPI forecast in 2 years time at market rates (mean / mode)? Mean: 1.9%; Mode 1.9%

Previous: 2.3% / 2.3% (Previous Q2-26 was 2.2% / 2.2%)

11.    UK CPI forecast in 3 years time at market rates (mean / mode)? Mean: 1.6%; Mode 1.6%

Previous: 1.9% / 1.9%

An attached press statement from Governor Bailey said there was "a need for more evidence that inflation will stay low before we can cut interest rates", although he again stated his optimism that things are moving in the right direction.