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Home » Business News

CBI Reacts To Monetary Policy Committee Decision…

Submitted by on July 5, 2013 – 9:01 am |

Stephen Gifford, CBI Director - CBI Reacts To Monetary Policy Committee DecisionThe CBI responded to the announcement from the Bank of England’s Monetary Policy Committee (MPC) that it will keep interest rates on hold and the size of the asset purchase programme unchanged.

Stephen Gifford, CBI Director of Economics, said:

“The CBI was not anticipating any shift in the MPC’s stance this month, despite all the speculation about changes to monetary policy that preceded new Governor, Mark Carney’s, arrival at the Bank.

“The continued run of positive economic data, including a further improvement in credit conditions, will have strengthened the hand of the majority on the MPC who are opposed to further QE.

“Looking ahead, some form of forward guidance on interest rates remains a strong possibility. Although the MPC’s scepticism will be hard to dispel, recent financial market volatility and today’s statement by the Bank have strengthened the case for providing greater clarity around monetary policy, which businesses would welcome.”

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