Following the Bank of England (BoE) decision to leave the monetary policy rate unchanged at 0.1% and the asset purchase program at £ 895 billion, respectively, the BoE Governor Andrew Bailey, is making his comments on the political outlook.
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“What happens to energy prices is clearly very uncertain, there are material risks around this assumption.”
“Inflation hits target three quarters earlier under the alternative energy price scenario.”
“The inflation framework recognizes that there will be times when inflation will deviate from target due to shocks.”
“Given the lag between the change in monetary policy and the impact on inflation, the BoE will always focus on the medium term.”
“Short-term uncertainties persist, especially in the labor market and the persistence of internal pressures on costs and prices.”
About Andrew Bailey
Andrew Bailey is the Governor of the Bank of England. He took office on March 16, 2020, at the end of Mark Carney’s term. Bailey was serving as Executive Director of the Financial Conduct Authority prior to his appointment. This British central banker was also Deputy Governor of the Bank of England from April 2013 to July 2016 and Chief Cashier of the Bank of England from January 2004 to April 2011.
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