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MNI BRIEF: UK Fiscal Shift Needs MonPol Response - BOE Pill

(MNI) London
(MNI) London

Central bank's chief economist seemingly ruling out inter-meeting move but suggests a 'significant' response by MPC.

True

The change in UK fiscal policy announced Friday are significant and it is hard to argue that it will not need "a significant monetary policy response," Bank of England chief economist Huw Pill said Tuesday.

Pill said the correct vehicle for assessing the change in government's fiscal policy was the Monetary Policy Committee's November forecast round, making clear he did not envisage any emergency rate hike.

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The change in UK fiscal policy announced Friday are significant and it is hard to argue that it will not need "a significant monetary policy response," Bank of England chief economist Huw Pill said Tuesday.

Pill said the correct vehicle for assessing the change in government's fiscal policy was the Monetary Policy Committee's November forecast round, making clear he did not envisage any emergency rate hike.

Keep reading...Show less