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MNI (London)
MNI: BOE: Leaves rates, QE stock unchanged, Two For Increase QE
--Bank Rate unchanged at 0.75%, QE stock unchanged at combined stg645bn
--Bank Rate decision unanimously;
--Saunders, Haskel dissent, vote for increase of QE by stg100bn
--BOE sees GDP falling sharply in H1 2020 and inflation below 1%
--BOE expects rapid recovery 
-----------------------------------------------------------
The BOE voted unanimously to leave the Bank Rate unchanged in the May meeting,
but voted by a majority of 7-2 to leave QE unchanged. Saunders and Haskel voted
for an increase in the stock of asset purchases by Stg100bn. The MPC noted the
negative impact of Covid-19 and constructed a plausible illustrative economic
scenario: They see GDP falling sharply in H1 2020, while inflation drops below
1% in the next months. The bank expects consumer activity to be down 30% while
business investment is 50% lower. But the MPC projects rapid recovery
conditional on easing of social distance measures and high monetary and fiscal
stimulus.
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com

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