Bank of England Monetary Policy Meeting
Policymakers Saunders and Haskel vote to cut rates to 0.5% from 0.75%.
Saunders and Haskel say stimulus needed now as data suggest labor market turning, also see downside risks from the global economy and Brexit.
May need to "reinforce" expected recovery in the UK economy through monetary policy if global growth fails to stabilize or if Brexit uncertainty remains entrenched.
If risks do not materialize and the economy performs in line with forecast, modest tightening of policy at gradual and limited pace may be needed.
UK economy is likely to be 1% smaller by Q4 2022 than it expected in August forecasts due to global slowdown, asset price changes and new Brexit assumptions.
Brexit assumption changed to be based on an orderly transition to Canada-style free trade agreement over the next few years.
07 Nov 19 (Thu)
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