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MNI: BOE Hikes 50bps; Presses Ahead With Gilt Sales

(MNI) London
The Monetary Policy Committee split three ways over its rate hike but all agreed to start the active gilt sales programme

The Bank of England Monetary Policy Committee split three ways over its decision to hike Bank Rate by 50 basis points at its September meeting but members were united in voting to start active gilt sales.

Three members, Catherine Mann, Deputy Governor Dave Ramsden and Jonathan Haskel all voted for a 75 basis point hike, with newcomer Swati Dhingra backing only a 25 basis point increase. They all voted in support of starting active gilt sales in line with the schedule set out in August, cutting the stock of gilt purchases by GBP80 billion over the next 12 months, with some GBP40 billion coming through active gilt sales.

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The Bank of England Monetary Policy Committee split three ways over its decision to hike Bank Rate by 50 basis points at its September meeting but members were united in voting to start active gilt sales.

Three members, Catherine Mann, Deputy Governor Dave Ramsden and Jonathan Haskel all voted for a 75 basis point hike, with newcomer Swati Dhingra backing only a 25 basis point increase. They all voted in support of starting active gilt sales in line with the schedule set out in August, cutting the stock of gilt purchases by GBP80 billion over the next 12 months, with some GBP40 billion coming through active gilt sales.

Keep reading...Show less