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- Title
A shift in the balance of risks.
- Abstract
In this speech,(1) David Walton, member of the Monetary Policy Committee, explains why he dissented from the majority view at the MPG meeting of 3-4 May to vote for a 25 basis points interest rate increase. He notes that, on unchanged interest rates, the Committee's central projection for inflation in the May Inflation Report was above the Government's 2% target throughout the next two years. He judges that the balance of risks to this inflation projection is to the upside. In part, this is because he sees some modest upside risk to GDP growth this year. But, even on the Committee's central growth projection, he sees some upside risks to inflation stemming from a lack of spare capacity, higher import prices and an increase in inflation expectations.
- Subjects
FISCAL policy; PRICE inflation; INTEREST rates; GROSS domestic product; RISK; WALTON, David
- Publication
Bank of England Quarterly Bulletin, 2006, Vol 46, Issue 2, p240
- ISSN
0005-5166
- Publication type
Article