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The Bank of England (BoE) is expected to join the Federal Reserve and the European Central Bank (ECB) is keeping the monetary policy on hold throughout this year, according to a recent report from Rabobank.
Against the backdrop of intense political uncertainty regarding the UK’s withdrawal from the European Union, the Bank of England is trapped in a holding pattern.
MPC member Michael Saunders has indicated earlier in the year that he would like to see more clarity about Brexit before voting for a raise in rates, but the 6-month extension to Article 50 might be a little too much to ask.
In that case, the single dissent could also be interpreted as a signal that the MPC doesn’t permit Brexit to handicap its policy making. But even as the immediate risk of a no-deal Brexit has receded, we remain unconvinced.
