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MNI BRIEF: BOE's Dhingra Sees Risk Of Over-Tightening

(MNI) London

BOE newcomer warns of risk of over-tightening, but views on the Monetary Policy Committee remain fragmented

Bank of England Monetary Policy Committee newcomer Swati Dhingra told lawmakers that with the UK economy already contracting "there is a risk of overtightening,” but other MPC members gave different views to the Treasury Select Committee on Wednesday.

Dhingra voted for a smaller rate hike than the majority at her first meeting in September, opting for a 25-basis-point increase, while in November she backed 50 bps rise when the MPC chose 75 bps. Her colleague, Catherine Mann, who has been at the hawkish end of the MPC, also presented evidence on the November Monetary Policy Report to the TSC, restating her case for front-loading hikes in order to bring down inflation expectations.

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Bank of England Monetary Policy Committee newcomer Swati Dhingra told lawmakers that with the UK economy already contracting "there is a risk of overtightening,” but other MPC members gave different views to the Treasury Select Committee on Wednesday.

Dhingra voted for a smaller rate hike than the majority at her first meeting in September, opting for a 25-basis-point increase, while in November she backed 50 bps rise when the MPC chose 75 bps. Her colleague, Catherine Mann, who has been at the hawkish end of the MPC, also presented evidence on the November Monetary Policy Report to the TSC, restating her case for front-loading hikes in order to bring down inflation expectations.

Keep reading...Show less