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Bank of England Recent Policy Comments and Decisions

Feb. 28 (Bloomberg) -- The following is a compilation of policy statements and decisions from the Bank of England’s Monetary Policy Committee and Deputy Governors.

Feb. 28 -- Spencer Dale. Chief Economist VENUE: Interview with Bloomberg News

“As we go through this year and into next year, as the economy keeps growing and keeps developing, at some point different people will be thinking it’s more or less close to raising interest rates,” Dale said. “It’ll be quite natural then to have greater dissent. I certainly expect to see greater dissent and I think it’ll be a healthy thing.” Bloomberg story: {NXTW NSN N1OC6K6K50XX <GO>} Bloomberg bio page: {BBDP 16113899 <GO>} -------------------------------------------------------------------------------- Feb. 27 -- David Miles. Member Monetary Policy Committee VENUE: Speech in London

“The new normal for monetary policy will probably involve setting bank rate on average at a lower level than before the crisis.” Bloomberg story: {NXTW NSN N1O0X26K50YN <GO>} Bloomberg bio page: {BBDP 3671737 <GO>} -------------------------------------------------------------------------------- Feb. 27 -- Spencer Dale. Chief Economist VENUE: Interview with Belfast Telegraph

“At some point rates will rise. I don’t know when but the key thing is when they do rise they are likely to rise gradually because we’re very focused on making sure we support the recovery.” Bloomberg story: {NXTW NSN N1NDL96K50YL <GO>} Bloomberg bio page: {BBDP 16113899 <GO>} -------------------------------------------------------------------------------- Feb. 26 -- Ben Broadbent. Member Monetary Policy Committee VENUE: Interview on CNBC Interview with Belfast Telegraph

“Unemployment is higher than what we would describe as its natural rate.” Bloomberg story: {NXTW NSN N1LS546VDKHS <GO>} Bloomberg bio page: {BBDP 3776185 <GO>} -------------------------------------------------------------------------------- Feb. 26 -- David Miles. Member Monetary Policy Committee VENUE: Interview on BBC Television

“When interest rates do go up, it’s more likely than not to be a very gradual series of increases.” Bloomberg story: {NXTW NSN N1LFVF6JIJXT <GO>} Bloomberg bio page: {BBDP 3671737 <GO>} -------------------------------------------------------------------------------- Feb. 26 -- Spencer Dale. Chief Economist VENUE: Interview with BBC Radio Ulster

“When we will raise interest rates will depend on how quickly the economy is recovering.” Bloomberg story: {NXTW NSN N1LE5G6VDKHS <GO>} Bloomberg bio page: {BBDP 16113899 <GO>} -------------------------------------------------------------------------------- Feb. 25 -- Martin Weale. Member Monetary Policy Committee VENUE: Article in Evening Standard

“The chance the MPC will think it appropriate to raise bank rate to 5% in the near future is low,” Weale said. Any increases in the BOE’s key rate “in the near and medium term are most likely to be gradual and limited, as the market path suggests.” Bloomberg story: {NXTW NSN N1JUWV6VDKHW <GO>} Bloomberg bio page: {BBDP 1642883 <GO>} -------------------------------------------------------------------------------- Feb. 25 -- Ian McCafferty. Member Monetary Policy Committee VENUE: Interview with Reuters

“If we did see some inflationary pressure -- more than we currently expect in our central case -- that would if anything, I suspect, lead the committee to consider slightly earlier rate rises.” Bloomberg story: {NXTW NSN N1JR956VDKHS <GO>} Bloomberg bio page: {BBDP 4216007 <GO>} -------------------------------------------------------------------------------- Feb. 24 -- Mark Carney. Governor VENUE: Interview with Australian Broadcasting Corp.

“We’re communicating that we’re in no rush at this stage. Rates will rise eventually -- the normalization of monetary policy, that’s a good thing -- but given the forces, the weakness in Europe, given still the adjustment in the financial sector, and given still the repair of public and private balance sheets, what that all means is that when rates do increase in the U.K. eventually, they’ll be gradual and limited.” Bloomberg story: {NXTW NSN N1HJ5B6K50YD <GO>} Bloomberg bio page: {BBDP 5647315 <GO>} -------------------------------------------------------------------------------- Feb. 23 -- Mark Carney. Governor VENUE: Interview with Australian newspapers

“We’ve made it through the easy phase of guidance, which is to say what we would not do,” Carney said. “Now it becomes a question of what will we do, and how and under what criteria, as the economy continues to recover.” Bloomberg story: {NXTW NSN N1GFOJ6JIJUT <GO>} Bloomberg bio page: {BBDP 5647315 <GO>} -------------------------------------------------------------------------------- Feb. 23 -- Ben Broadbent. Member Monetary Policy Committee VENUE: Column in Sunday Times

“I do not want to put a date on when bank rate might rise, but when it does the rise is likely to be gradual and limited.” Bloomberg story: {NXTW NSN N1FV076K50Y3 <GO>} Bloomberg bio page: {BBDP 3776185 <GO>} -------------------------------------------------------------------------------- Feb. 20 -- Martin Weale. Member Monetary Policy Committee VENUE: Interview with Sky News

“I think it is very helpful that we try and explain that the most likely path for interest rates is that the first rise will come perhaps in the spring of next year.” Bloomberg story: {NXTW NSN N1ASBN6S973D <GO>} Bloomberg bio page: {BBDP 1642883 <GO>} -------------------------------------------------------------------------------- Feb. 19 -- Paul Fisher. Bank of England Markets Director VENUE: Interview with BBC Radio 4 Interview with Sky News

“The risk of tightening too soon is putting the economy back in to recession.” Bloomberg story: {NXTW NSN N18VXZ6S972S <GO>} Bloomberg bio page: {BBDP 4737759 <GO>} -------------------------------------------------------------------------------- Feb. 19 -- BOE Minutes Individual MPC voting history. Bloomberg story: {NXTW NSN N18LE46KLVRV <GO>} Bloomberg table: {NXTW NSN N18L776LUTXN <GO>} -------------------------------------------------------------------------------- Feb. 18 -- Ian McCafferty. Member Monetary Policy Committee VENUE: Interview with LBC Radio

“There is room for the economy to grow somewhat further before we even have to start putting up interest rates.” Bloomberg story: {NXTW NSN N17C6X6JTSEG <GO>} Bloomberg bio page: {BBDP 4216007 <GO>} -------------------------------------------------------------------------------- Feb. 17 -- David Miles. Member Monetary Policy Committee VENUE: Interview with Bloomberg News

“There is a material amount of slack,” Miles said. “We don’t see a case for tightening right now.” Bloomberg story: {NXTW NSN N15L586S972M <GO>} Bloomberg bio page: {BBDP 3671737 <GO>} -------------------------------------------------------------------------------- Feb. 16 -- Mark Carney. Governor VENUE: Interview on BBC Television

“There are some very big forces that are operating now and will persist,” Carney said, citing economic weakness in Europe, repair of public balance sheets and improvements to the financial system. “All of those forces conspire collectively to keep that level of interest rates down.” Bloomberg story: {NXTW NSN N13KRH6KLVRF <GO>} Bloomberg bio page: {BBDP 5647315 <GO>} -------------------------------------------------------------------------------- Feb. 13 -- Spencer Dale. Chief Economist VENUE: Interview on BBC Radio 5

The market forecasts interest rates “remaining on hold until about the Spring of next year and then rising to around 2 percent by the end of 2016 and on that forecast, on that basis, we have a forecast in which the economy looks pretty good.” Bloomberg story: {NXTW NSN N0XBC56JIJV6 <GO>} Bloomberg bio page: {BBDP 16113899 <GO>} -------------------------------------------------------------------------------- Feb. 12 -- Mark Carney. Governor VENUE: BOE Inflation Report press conference.

“The first phase of guidance gave businesses confidence that bank rate would not be raised at least until jobs, incomes and spending were growing at sustainable rates,” Carney said. “As guidance evolves, that remains the case: the Monetary Policy Committee will not take risks with the recovery.” Bloomberg story: {NXTW NSN N0VWA26JIJW4 <GO>} Bloomberg table: {NXTW NSN N0VPKY6NKN09 <GO>} Bloomberg bio page: {BBDP 5647315 <GO>} -------------------------------------------------------------------------------- Feb. 6 -- Bank of England maintains bank rate at 0.50% Bloomberg story: {NXTW NSN N0KRXR6S9729 <GO>} Bloomberg table: {NXTW NSN N0KPCB6NKMZU <GO>} --------------------------------------------------------------------------------

To contact the reporter on this story: Mark Evans in London at +44-20-7330-7585 or mevans8@bloomberg.net

To contact the editor responsible for this story: Marco Babic at +41-44-224-4112 or mbabic@bloomberg.net

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