Bank Of England Turns The Page
The Bank of England turned the page on an extraordinary (and extraordinarily painful) chapter in its long and storied history on Thursday when, by the slimmest of majorities, the MPC cut rates for the first time since the pandemic.
The decision, like the last meeting, was described by Andrew Bailey as "finely balanced," a characterization reflected in the 5-4 vote split. All four dissents preferred to hold Bank rate at the highest since 2008.
Among developed economies, the UK arguably (I actua
The Boe is not the driver. It’s fiscal and structural for Great Britain. They need a complete reset. It looks as though they will get one over the next 2-3 years. It won’t be a fast or easy process though.