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Bank of England Recent Policy Comments and Decisions
2021-11-30 07:00:00.7 GMT

By Barbara Sladkowska
(Bloomberg) — The following is a compilation of policy statements and
decisions from the Bank of England’s Monetary Policy Committee and Deputy
Governors.
*T
Nov. 26 — Huw Pill. Chief Economist
VENUE: Speech to the Confederation of British Industry North East
     “Taken together, these developments were sufficient for me to support the
MPC’s November steer that, should the incoming data continue to be consistent
with the projections published in the committee’s latest Monetary Policy Report,
it will be necessary over coming months to increase Bank Rate for the inflation
target is to be achieved in a sustainable manner.”
Bloomberg story: NXTW NSN R36MXST0AFB4 <GO>
Bloomberg bio page: BBDP 15873110 <GO>
——————————————————————————–
Nov. 25 — Andrew Bailey. Governor
VENUE: Speech to Cambridge Union
     “If we get higher inflation for longer, we start to expect that it will
continue, and then it gets into wage bargaining — and we’ve got a very tight
labor market in this country, no question about that — that’s where central
banks will have to come in.”
Bloomberg story: NXTW NSN R3534LT0AFB4 <GO>
Bloomberg bio page: BBDP 4290375 <GO>
——————————————————————————–
Nov. 24 — Silvana Tenreyro. Member Monetary Policy Committee
VENUE: Speech to Oxford Economics Society
     BOE expects “modest tightening” in policy over forecast period
Bloomberg story: NXTW NSN R331SGT1UM0X <GO>
Bloomberg bio page: BBDP 15954207 <GO>
——————————————————————————–
Nov. 23 — Andrew Bailey. Governor
VENUE: Testimony to the House of Lords Economic Affairs Committee in London
     “You cannot have a balance sheet that remains this big permanently,” he
said. “It needs to come down and need to have policies that bring it down.”
Bloomberg story: NXTW NSN R31BFHT0AFB4 <GO>
Bloomberg bio page: BBDP 4290375 <GO>
——————————————————————————–
Nov. 23 — Jonathan Haskel. Member Monetary Policy Committee
VENUE: Speech in Glasgow
     “We’re trying to be very vigilant about trying to understand whether the
labor market is persistently tight or not,” he said. “If the labor market stays
tight, bank rate will have to rise.”
Bloomberg story: NXTW NSN R30WNFT0G1KY <GO>
Bloomberg bio page: BBDP 20633304 <GO>
——————————————————————————–
Nov. 20 — Andrew Bailey. Governor
VENUE: Interview in the Sunday Times
     “If the economy evolves in the way the forecasts and reports suggest, we’ll
have to raise rates,” he said. “Which, by the way, is entirely consistent with
what I said in October.”
Bloomberg story: NXTW NSN R2VZ8ZDWRGG0 <GO>
Bloomberg bio page: BBDP 4290375 <GO>
——————————————————————————–
Nov. 19 — Huw Pill. Chief Economist
VENUE: Comments at event in Bristol
     “I genuinely do not know today how I will vote” on rates in December, Pill
said. “There’s a genuine uncertainty even in my own mind about how I’ll vote”
and risks to the economy are “two sided.”
Bloomberg story: NXTW NSN R2TN8JDWX2PS <GO>
Bloomberg bio page: BBDP 15873110 <GO>
——————————————————————————–
Nov. 17 — Catherine Mann. Member Monetary Policy Committee
VENUE: Speech at JPMorgan event
     “I voted to terminate the asset purchase program because I saw the
constellation of asset market behaviors which includes prices as well as
issuance as being inconsistent with what we’re seeing with regard to the yield
curve, and inconsistent with the language that the bank rate was going to be
rising in the coming months.”
Bloomberg story: NXTW NSN R2Q0XXDWLU6I <GO>
Bloomberg bio page: BBDP 19188157 <GO>
——————————————————————————–
Nov. 15 — Andrew Bailey. Governor
VENUE: Testimony to the Treasury Committee in London
  “The labor market story really is the crucial part of it and we haven’t
yet seen enough of that story post the furlough scheme,” he said. “It was a very
close call in my view. The real puzzle is what happened at the end of furlough”
Bloomberg story: NXTW NSN R2ME7PDWRGG0 <GO>
Bloomberg bio page: BBDP 4290375 <GO>
——————————————————————————–
Nov. 5 — Silvana Tenreyro. Member Monetary Policy Committee
VENUE: Coments at an IMF Panel Discussion
    “If you react immediately to inflation without waiting on what’s going on in
the real economy, the risk is that you choke off the recovery and delay the
renormalization of the economy.”
Bloomberg story: NXTW NSN R23QU1T0G1KW <GO>
Bloomberg bio page: BBDP 15954207 <GO>
——————————————————————————–
Nov. 5 — Huw Pill. Chief Economist
VENUE: Comments in Online Briefing
     “I think that does show that this was an on-a-knife-edge decision.”
Bloomberg story: NXTW NSN R23RJHT1UM0Z <GO>
Bloomberg bio page: BBDP 15873110 <GO>
——————————————————————————–
Nov. 4 — Bank of England maintains bank rate at 0.1%
Bloomberg story: NXTW NSN R21XU3DWRGG3 <GO>
Bloomberg table: NXTW NSN R21QPUGFLIIO <GO>
——————————————————————————–
Oct. 25 — Silvana Tenreyro. Member Monetary Policy Committee
VENUE: Speech in online webinar
     “If the effects of supply-chain disruption on CPI inflation are
short-lived, then attempting to use monetary policy to offset them would only
serve to add additional volatility, since the effects would be fading by the
time policy was having a major impact on inflation.”
Bloomberg story: NXTW NSN R1JCOQT0AFB6 <GO>
Bloomberg bio page: BBDP 15954207 <GO>
——————————————————————————–
Oct. 21 — Huw Pill. Chief Economist
VENUE: Interview with Financial Times
     “We do not see, given the transitory nature of what we’re seeing in
inflation in our base case, a need to go to a restrictive [policy] stance.”
Bloomberg story: NXTW NSN R1CGSIT1UM0W <GO>
Bloomberg bio page: BBDP 15873110 <GO>
——————————————————————————–
Oct. 17 — Andrew Bailey. Governor
VENUE: Comments in Online Panel
     “Monetary policy cannot solve supply-side problems, but it will have to act
and must do so if we see a risk, particularly to medium-term inflation and
medium-term expectations,” he said. “That’s why we, at the Bank of England have
signaled, and this is another signal, that we will have to act. But of course
that action comes in our monetary policy meetings.”
Bloomberg story: NXTW NSN R14WLMT0G1KX <GO>
Bloomberg bio page: BBDP 4290375 <GO>
——————————————————————————–
Oct. 14 — Catherine Mann. Member Monetary Policy Committee
VENUE: Speech in online webinar
     “There’s a lot of endogenous tightening of financial conditions already in
train in the U.K.,” she said. “That means that I can wait on active tightening
to a Bank rate rise.”
Bloomberg story: NXTW NSN R0Z7ALT1UM0Y <GO>
Bloomberg bio page: BBDP 19188157 <GO>
——————————————————————————–
Oct. 14 — Silvana Tenreyro. Member Monetary Policy Committee
VENUE: interview with BusinessLive Wales
     “Typically, for short-lived effects on inflation, such as the big rises in
the prices of semiconductors or energy prices, it would be self-defeating to try
to respond to their direct effects.”
Bloomberg story: NXTW NSN R0YNBQT1UM0W <GO>
Bloomberg bio page: BBDP 15954207 <GO>
——————————————————————————–
*T

To contact the reporter on this story:
Barbara Sladkowska in Warsaw at bsladkowska@bloomberg.net
To contact the editors responsible for this story:
Joshua Robinson at jrobinson37@bloomberg.net
Mark Evans

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https://blinks.bloomberg.com/news/stories/R3DHG4GENSW0