Thursday, December 20, 2007
Substantial loosening in BOE policy
The quarter-point cut in the base rate earlier this month was an emphatic signal that policymakers had started to see the world in a different light. Minutes of the Bank of England's Monetary Policy Committee, published yesterday, underline how profound a change in thinking there has been. For a start, the decision was unanimous. Not a single hawk was arguing for more time. More significant still was the tone of the minutes, which read more doveishly than for many years.