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Largely as expected: Minor tweaks to the guidance:

BOE
BOE largely as expected. 6-3 votes (with the dissenters that were expected).
  • "The MPC will continue to monitor closely indications of persistent inflationary pressures and resilience in the economy as a whole"
  • Then tweaked to :"including a range of measures of the underlying tightness of labour market conditions, wage growth and services price inflation"
    Instead of:
    "the tightness of labour market conditions and the behaviour of wage growth and services price inflation."
  • This bit unchanged :"Monetary policy will need to be sufficiently restrictive for sufficiently long to return inflation to the 2% target sustainably in the medium term, in line with the Committee’s remit."
  • Additional sentence added: "The MPC’s latest projections indicate that monetary policy is likely to need to be restrictive for an extended period of time."
  • Then this unchanged: "Further tightening in monetary policy would be required if there were evidence of more persistent inflationary pressures."
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