May 8, 2020

BOE LEFT ITS MONETARY POLICY UNCHANGED

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In Short

The BoE based its growth and inflation outlook on the assumption that the lockdown will last until early June. Restrictions will be gradually eased over the following months. The bank fears the UK could witness its biggest economic slump in over 300 years.
BOE LEFT ITS MONETARY POLICY UNCHANGED
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Highlights:

  • The Bank of England (BoE) left its monetary policy stance unchanged this morning. The decision was made by majority vote with two members dissenting.
  • However, Governor Andrew Bailey stressed that the BoE was ready to act again. The main reason not to take action today was to wait on more information how the government plans to lift the lockdown. We expect additional QE only to be postponed to June.
  • The BoE gave a bleak GDP growth outlook. It now sees the UK GDP to drop by 14% in 2020, followed by a plus of 15% in 2021. To stress the unusual high uncertainty, the BoE called its forecast only an ‘illustrative scenario’.

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BOE LEFT ITS MONETARY POLICY UNCHANGED

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