They suggest that The Bank of England (BoE) is in an anomalous position… “ The US Federal Reserve and European Central Bank are gearing up for ‘normalisation’ of monetary policy in the absence of inflationary pressure, whilst policymakers at the BoE must decide how long they can tolerate inflation running significantly above target, against a backdrop of subdued growth.”
In the last BoE Monetary Policy Committee (MPC) meeting, held in June, the Bank edged closer to raising interest rates as a deeper split emerged among its committee of policymakers, with three out of eight voting for an immediate rise to keep inflation in check. The 5-3 split to keep interest rates at their record low of 0.25% surprised financial markets and the pound rose against the dollar on the news. The next MPC meeting will be held on Thursday August 3rd.
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If you would like to arrange an investment consultation, please call Tim Norris or Alan Clifton on 0800 731 7614 and we would be delighted to arrange a meeting at our offices in the heart of Teddington.