While voting today to leave interest rates at +0.10% and the stock of Quantitative Easing (QE) at £895bn, the Monetary Policy Committee (MPC) suggested conditions for tighter policy may be in place in late 2022. But our forecast for subdued inflation over the next few years suggests that the Bank won’t need to tighten policy until much later than that, perhaps 2024 or 2025.
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