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MNI STATE OF PLAY: BOE Hikes 50bps, Stresses Uncertain Outlook

(MNI) London

The BOE has hiked by 50 basis points but stressed uncertainty as the UK faces five quarters of contraction.

The Bank of England’s Monetary Policy Committee said on Thursday it voted eight-one in favour of its first 50-basis-point rate hike since obtaining operational independence in 1997 and unveiled plans for steady quantitative tightening even as it stressed very high levels of uncertainty as the economy heads for five consecutive quarters of contraction.

With the BOE’s economic forecasts highlighting the dilemma facing the MPC, Gov. Andrew Bailey told a press conference that every option would be on the table for Bank Rate in September, and that 50 bps would not now be the new normal.

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The Bank of England’s Monetary Policy Committee said on Thursday it voted eight-one in favour of its first 50-basis-point rate hike since obtaining operational independence in 1997 and unveiled plans for steady quantitative tightening even as it stressed very high levels of uncertainty as the economy heads for five consecutive quarters of contraction.

With the BOE’s economic forecasts highlighting the dilemma facing the MPC, Gov. Andrew Bailey told a press conference that every option would be on the table for Bank Rate in September, and that 50 bps would not now be the new normal.

Keep reading...Show less