• Vote against interest rate cut was a 'skip' within a continuing withdrawal of monetary policy restriction.
  • Inflation pressure indicators give me cause for concern.
  • Quarterly pace of 25 bps cuts seen since last summer is too rapid given the inflation outlook.
  • My dissenting vote was favouring a 'skip' in the quarterly pattern of bank rate cuts.
  • It should not be seen as favouring a halt to withdrawal of restriction.
  • Structural changes in price and wage setting behaviour have increased the intrinsic persistence of the UK inflation process.
  • Pace of quarterly cuts too rapid given the balance of risks to price stability we face.
BoE's Pill
BoE's Pill
Source: Forex Live