Since Mark Carney took over from Lord King as governor of the Bank of England a year ago, the members of the Monetary Policy Committee have been unnaturally harmonious. Perhaps it has been a honeymoon period granted the new governor. If so, this has been a rather long honeymoon: the most recent meeting in June was the 12th consecutive time that there has been a unanimous vote by the MPC. Many commentators expect another 9/0 vote at this week’s meeting. By contrast, prior to Mr Carney’s arrival at the BoE, the MPC had a split 6/3 vote in five consecutive months over whether to increase asset purchases. Continue reading »
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