Wednesday, June 23, 2010


Minutes Of The MPC Meeting 9 And 10 June 2010

33. The Governor invited the Committee to vote on the proposition that: Bank Rate should be maintained at 0.5%; The Bank of England should maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion. Seven members of the Committee (the Governor, Charles Bean, Paul Tucker, Spencer Dale, Paul Fisher, David Miles and Adam Posen) voted in favour of the proposition. Andrew Sentance voted against, preferring an increase in Bank Rate of 25 basis points.

Posted by dill @ 10:27 AM (1516 views)
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7 thoughts on “Considerations

  • My prediction for next month is another no change decision, but with a degree of signalling in the minutes that a rise is not far away.

    I don’t think Mr Sentance is playing the “I’m Danny, I’m different” card – he is just a little ahead of the curve.

    There is quite a good prospect of an August hike, but they might hold off a month or two more..

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  • Even leading up to VAT hike inflation figure should remain pretty high right?

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  • this was sent to me via email, not sure if it is genuine, if it is it explains a lot

    WHO IS THE ODD MAN OUT – and more importantly – WHY??

    Lord Stevenson: FORMER chairman, HBOS

    Sir Fred Goodwin: FORMER chief executive, RBS

    Andy Hornby: FORMER chief executive, HBOS

    Sir Tom McKillop: FORMER chairman, RBS

    John McFall MP: chairman of Treasury Select Committee

    Alastair Darling: Chancellor of the Exchequer

    Gordon Brown: Prime Minister and former Chancellor of the Exchequer

    Sir Terry Wogan: FORMER presenter of Radio 2’s Breakfast Show

    IF you’re thinking

    Sir Terry Wogan,

    THEN you’re right.

    However, the reason may surprise you…

    Terry Wogan is the only one out of this motley crew who actually holds ANY formal banking qualification.

    Worrying, isn’t it!

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  • HBOS, RBS Chairs & Chief Executives, they have vested interested in it……………..due to conflict of interests should not be nominated to take up any role in MPC.

    Of course, banks would like to widen interest spreads (pay no interest to depositors & charge highest interest to borrowers) so as to enhance their profits.

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  • That’s settled then. Terry Wogan to be the next adoptee to the MPC.

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  • Well done Mr Sentence!

    At least one member of the MPC still seems to have a few working brain cells left.

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  • mark,
    I’ve seen that mail before, and thought I’d check…
    From browsing the net I see that Terry’s academic pinnacle was to finish secondary education at Belvedere at the age of 17, after which he started a career in banking.
    As for the rest…
    Lord Stevenson: MA – Kings, Cambridge
    Sir Fred Goodwin: Law – Glasgow (reached Partner)
    Andy Hornby: MA – St. Peter’s, Oxford; MBA Harvard Business School
    Sir Tom McKillop: BSc – Glasgow; PhD – Glasgow
    John McFall MP: BSc – Paisley College of Technology; BA – Open University; MBA – Strathclyde
    Alastair Darling: Law – Aberdeen (reached Solicitor then swapped over to reach Scottish Advocate)
    Gordon Brown: MA – Edinburgh; PhD – Edinburgh

    So, the others beat Terry hands down academically – although we should take note that academics is certainly not the yardstick to use here.

    Of course there is still the chance that Terry got some formal banking qualification not mentioned in my, no doubt incomplete, sources whist working in banking, maybe some banking administration certificate or something equally useless for a bank chief or treasury minister to hold.

    After researching this I feel the most qualified for banking would be Goodwin followed by Hornby

    …by which yardstick it would appear that it is MORE dangerous for a banking chief to understand banking!

    “matzohs both” – crackers indeed.

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