All Eyes on the UK & the MPC Today

All Eyes on the UK & the MPC Today

It is a big day for the UK today.  A slowing economic recovery from the Covid-19 crisis, sharp energy price rises, and tax hikes squeezing Brits’ household incomes are likely to prompt the Bank of England’s committee of rate-setters to err on the side of caution today.

The Bank’s monetary policy committee (MPC) will announce its latest decision on rates and the fate of its bond-buying programme at noon. Both are predicted to stay unchanged.

Key for the timing of policy tightening is whether the BoE starts to doubt that these energy rises are temporary.

A concern is if rising inflation pushes up longer-term inflation expectations among the general public, leading to firms and workers factoring above-target inflation into future pricing decisions and wage demands.

Moreover, furlough support payments for over a million workers end this month, as does a temporary increase in other welfare payments, squeezing households at a time when inflation is pushing up the cost of essentials.

The events today begin at 14.00 GMT+3 and include Asset Purchase Facility, MPC Asset Purchase Facility Votes, Monetary Policy Summary, MPC Official Bank Rate Votes, & Official Bank Rate.

Have your trading charts open to GBP currency pairs today for an opportunity to trade.

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