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Share Price:
Up 253.40p
Change Today:
3.90p
Market Cap:
28,529m
Sector:
Banks

MPC votes 7-2 to keep rates on hold

By Alexander Bueso

Date: Thursday 04 Nov 2021

LONDON (ShareCast) - (Sharecast News) - The Monetary Policy Committee stood pat on policy with fewer of its members calling for an interest rate hike than had been expected.




According to Bank of England Governor, Andrew Bailey, inflation was set to peak at 5.0% in April 2022 and to fall "materially" from the second half of next year, yet "some modest tightening of policy was likely to be necessary".

Bailey further observed that monetary policy "cannot tackle supply problems", adding that the labour market was key to the scale of interest rate increases needed, adding that there was a high degree of uncertainty around the outlook for the labour market, Dow Jones Newswires reported.

Seven out of nine members of its decision-making body, the MPC, voted in favour of keeping Bank Rate at 0,1%, with the remaining two voting for a hike.

Economists at Barclays Research had anticipated that four MPC members would back calls an interest rate hike.

Similarly, only six members voted in favour of Bank continuing with its Gilt purchases, which was down from seven the last time around, with the target for those purchases unchanged at 875bn, whereas all nine had been expected to back no change in purchases.

All nine MPC members did however vote to maintain the stock of investment grade corporate bond purchases at 20bn.

In response, as of 1258 GMT cable was trading 1.03% lower to 1.3546, alongside an almost eight basis point drop on the 10-year Gilt to 0.997%.

-- More to follow --

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NWG Market Data

Currency UK Pounds
Price 253.40p
Change Today 3.90p
52 Week High 253.70p
52 Week Low 147.60p
Volume 15,843,449
Shares Issued 11,258m
Market Cap 28,529m
Beta 0.01

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What The Brokers Say

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Buy 0
Neutral 11
Sell 1
Strong Sell 0
Total 23
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NWG Dividends

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Ex-Div 12-Aug-21 25-Mar-21
Paid 17-Sep-21 04-May-21
Amount 3.00p 3.00p

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