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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“Unemployment is not expected to increase materially in the short term, but there is a high degree of uncertainty.”
“The Monetary Policy Committee notes that the CPI will be below the 2% target at the end of the forecast period, it will probably fall a bit beyond that point.”
“This period of higher inflation is likely to be temporary.”
“It would warn against views on the magnitude of the bank rate increase that would likely push inflation below target.”
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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