‘Cautious Bank holds powder dry’
NIESR Comment on MPC’s decision to hold Bank Rate at 0.5%
The Bank of England’s decision is disappointing. Angus Armstrong, Director of Macroeconomics, said: “In their communications last week they gave a clear indication to anticipate further monetary accommodation”.
This would also seem to follow from the Financial Policy Committee’s decision to ease the capital requirements for banks.
He added: “The likelihood of monetary easing was subsequently discounted by financial markets. Whatever the economic merits or demerits of cutting interest rates at this juncture, the lack of clear direction is more likely to add to economic uncertainty and therefore be detrimental to demand and the economy
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