Sterling, inflation, energy influenced 75 bp vote – BoE’s Mann

Posted on October 3, 2022Comments Off on Sterling, inflation, energy influenced 75 bp vote – BoE’s Mann

© Reuters. FILE PHOTO: People stand outside the Bank of England in the City of London financial in London, Britain, October 3, 2022. REUTERS/Henry Nicholls

LONDON (Reuters) – Bank of England policymaker Catherine Mann said her vote last month to raise Bank Rate by 0.75 percentage points reflected a weak currency, rising inflation expectations and the boost to household incomes from an energy price cap.

Mann was part of a minority of three officials on the BoE’s Monetary Policy Committee to vote for a 75-basis-point increase in September, against a majority who only wanted to raise rates by half a percentage point to 2.25%.

“I do see increasingly embedded inflation, I do see inflation expectations drifting, I do see a sterling depreciation spillover and I do see daylight between real incomes and real consumption possibilities,” she said in a discussion at Canada’s C.D. Howe Institute.

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Comments Off on Sterling, inflation, energy influenced 75 bp vote – BoE’s Mann