Wednesday, May 17, 2006

BoE minutes show divided MPC

Reuters: Bank split three ways in May

The Bank of England's Monetary Policy Committee was split three ways on this month's decision to keep interest rates at 4.5 percent with one member wanting a hike while another voted for a cut.

Posted by webmaster @ 09:53 AM (1640 views)
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4 Comments

1. Surfgatinho said...

Stephen Nickell - what an utter muppet voting for a cut. He should immediately be disqualified from being on the MPC as he obviously has either massive vested interests or no understanding of the the effect this would have on the economy

Wednesday, May 17, 2006 10:26AM Report Comment
 

2. talking rot said...

Surfgatinho

Perhaps Mr Nickell believes the CPI figures? Afterall, someone has to. A cut would stimulate industrial growth, raise consumer spending, lower the Sterling; and cause inflation which would erode both Government and Personal debt. From a politican's viewpoint, these are good short-term things and who care about what pieces need to be picked up. The politican may have lost their seat by then anyway ...

I wonder what, if any, political pressure is put upon the MPC?

Wednesday, May 17, 2006 11:00AM Report Comment
 

3. Surfgatinho said...

"A cut would stimulate industrial growth, raise consumer spending...."
If Mr Nickell beleived the hype that came out of the MPC he would already be under the impression that the outlook for growth was very good and the word on the street is consumers are back!

Wednesday, May 17, 2006 11:52AM Report Comment
 

4. uncle tom said...

Panic not - Nickell was attending the MPC for the last time!

A three way split is unusual - I'm not sure if it's ever happened before. Next month's decision is going to be a much tougher one to call, as there will be two new boys (or girls) joining the MPC.

At this time I think no change is still the more likely option, but as usual, I'll make my prediction about a week before.

Wednesday, May 17, 2006 02:30PM Report Comment
 

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