MNI BRIEF: MPC Response On Gilt Sales Out In Aug - BOE Ramsden

The Bank of England's Monetary Policy Committee will respond in August to the Bank's staff consultation on gilt sales, although a sales schedule will likely come at a later date, Deputy Governor Dave Ramsden revealed Monday.

The Bank announced in May that staff were working on a framework for gilt sales for the August MPC meeting, but it was not clear when the committee would respond to it (MNI INSIGHT: BOE Gilt Sales Not Assured When Rates Hit 1% ).

"Staff will come back to us by August and we will then set out our plans ... alongside the August MPR," Ramsden told lawmakers. Although no dates were set out for the actual start of sales, a comprehensive update in August could leave the MPC free to act from September, perhaps slightly earlier than some observers had expected.