EEF comment on Bank of England decision

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Commenting on today’s decision by the Bank of England Monetary Policy Committee, Ms Lee Hopley, Chief Economist at EEF, the manufacturers’ organisation, said:

“These are knife edge judgements for the MPC, with a back drop of mixed economic news, the shadow of Brexit and a lot of uncertainty about the path of global growth. Over the past month we’ve been waiting for economic news, in line with the Committee’s expectations, that would clear the path for a rate rise this month. But data releases have made the case for a rise less compelling, and today’s decision is not unexpected.

“While businesses are not fazed by the prospect of a small rise, they do want to be clearer about the Committee’s upcoming actions. There is a need for the Bank to now try to resolve the tension of individual views on the MPC with attempts to provide some forward guidance on its monetary policy stance.” 

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