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MNI INSIGHT: Energy Package Too Late To Sway Sept BOE Decision

(MNI) London

Details of upcoming fiscal support in response to surging energy prices look unlikely to be reflected in the BOE's September monetary policy debate

Details of the UK government's GBP100-billion-plus fiscal package aiming to partially offset the looming spike in energy bills look certain to come too late for the Bank of England to be able to fully factor them into considerations during its September rates-setting meeting.

The Monetary Policy Committee is scheduled to release minutes accompanying its policy decision at 1200 GMT on Sept 22, while the so-called “fiscal event” to announce the package looks likely to take place the following day, when parliament could be sitting, despite it being past the current recess date. While the MPC is likely to be briefed by the Treasury on the package none of the detail could be included in the minutes, as that would risk revealing market-sensitive government policy before it was announced to parliament.

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Details of the UK government's GBP100-billion-plus fiscal package aiming to partially offset the looming spike in energy bills look certain to come too late for the Bank of England to be able to fully factor them into considerations during its September rates-setting meeting.

The Monetary Policy Committee is scheduled to release minutes accompanying its policy decision at 1200 GMT on Sept 22, while the so-called “fiscal event” to announce the package looks likely to take place the following day, when parliament could be sitting, despite it being past the current recess date. While the MPC is likely to be briefed by the Treasury on the package none of the detail could be included in the minutes, as that would risk revealing market-sensitive government policy before it was announced to parliament.

Keep reading...Show less