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MNI POLICY: BOE To Proceed As Planned Despite Elections

(MNI) London

Precedent suggests the BOE will hold its June meeting as planned despite upcoming elections.

The Bank of England’s June meeting is likely to go ahead as planned despite general elections called for July 4, with precedent showing that Monetary Policy Committee votes have been held in the midst of political campaigning.

While in 2010 when an election was called for May 6 the Bank delayed a decision which had been slated for the same day until May 10, on other occasions barring a direct clash it has proceeded as planned despite national votes. The May 2017 MPC meeting was held a week after the formal dissolution of parliament. On that occasion, the MPC voted 7-1 to maintain Bank rate at 0.25%.

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The Bank of England’s June meeting is likely to go ahead as planned despite general elections called for July 4, with precedent showing that Monetary Policy Committee votes have been held in the midst of political campaigning.

While in 2010 when an election was called for May 6 the Bank delayed a decision which had been slated for the same day until May 10, on other occasions barring a direct clash it has proceeded as planned despite national votes. The May 2017 MPC meeting was held a week after the formal dissolution of parliament. On that occasion, the MPC voted 7-1 to maintain Bank rate at 0.25%.

Keep reading...Show less