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• All Eyes on the UK & the MPC Today

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.

If you have any questions, please email our Education Centre.

If you have any questions or require any assistance, please contact one of our support team members via our Live Chat or email [email protected].

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