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Bank of England Recent Policy Comments and Decisions

March 31 (Bloomberg) -- The following is a compilation of policy statements and decisions from the Bank of England’s Monetary Policy Committee and Deputy Governors.

March 26 -- Martin Weale. Member Monetary Policy Committee VENUE: Interview with Reading Post

“While my best guess is any rises will be relatively gradual, the committee can’t give any guarantees about where interest rates will be in the future.” Bloomberg story: {NXTW NSN N31AIL6S972X <GO>} Bloomberg bio page: {BBDP 1642883 <GO>} -------------------------------------------------------------------------------- March 20 -- Martin Weale. Member Monetary Policy Committee VENUE: Speech in Windsor

“While I expect interest rates to remain low over the next two to three years, it is not possible to guarantee this,” Weale said. “We set interest rates to deliver that inflation target in light of the economic facts.” Bloomberg story: {NXTW NSN N2QTK16K50YO <GO>} Bloomberg bio page: {BBDP 1642883 <GO>} -------------------------------------------------------------------------------- March 18 -- Mark Carney. Governor VENUE: Speech in London “As the MPC has signaled, a low-for-long interest-rate environment will likely be with us for some time. The MPC’s new guidance that any adjustments in rates, when they come, will be limited and gradual helps provide confidence to households and businesses that the MPC won’t take risks with the recovery. This in turn helps make the attainment of the inflation target more likely.” Bloomberg story: {NXTW NSN N2N8ZP6K50XT <GO>} Bloomberg bio page: {BBDP 5647315 <GO>} -------------------------------------------------------------------------------- March 14 -- Charles Bean. Deputy Governor VENUE: Interview with Press Association

"In principle, that would be one way of winding it down, to let the gilts mature naturally,” Bean said of the BOE’s quantitative-easing program. "It would take about 20 to 25 years. Then we would work out whether we owed the Treasury money on the arrangement or the other way round.” Bloomberg story: {NXTW NSN N2FE9D6K50YF <GO>} Bloomberg bio page: {BBDP 2003779 <GO>} -------------------------------------------------------------------------------- March 12 -- Charles Bean. Deputy Governor VENUE: Interview with Evening Gazette of Middlesbrough

“There’s some spare capacity in the economy and we can work some of that off before we start the process of normalising.” Bloomberg story: {NXTW NSN N2BC3L6S972B <GO>} Bloomberg bio page: {BBDP 2003779 <GO>} -------------------------------------------------------------------------------- March 11 -- Mark Carney. Governor VENUE: Testimony to the Treasury Committee in London

“We have provided guidance about how we think interest rates will adjust, when the time comes to adjust them; in other words, in a gradual, and to a limited extent,” Carney said. “We’re not complacent about the recovery.” Bloomberg story: {NXTW NSN N29T576S972N <GO>} Bloomberg bio page: {BBDP 5647315 <GO>} -------------------------------------------------------------------------------- March 10 -- Charles Bean. Deputy Governor VENUE: Speech in Darlington

“I have something like a 2-3 percent range in mind here,” Bean said. “Even if we start to withdraw some of the exceptional monetary stimulus in the not-too-distant future, you should not expect bank rate to shoot up to pre-crisis levels.” Bloomberg story: {NXTW NSN N2821N6K50ZH <GO>} Bloomberg bio page: {BBDP 2003779 <GO>} -------------------------------------------------------------------------------- March 6 -- Bank of England maintains bank rate at 0.50% Bloomberg story: {NXTW NSN N20MA36K50YR <GO>} Bloomberg table: {NXTW NSN N20K0E6TZ023 <GO>} -------------------------------------------------------------------------------- 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 N1PAZX6JIJV5 <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>} --------------------------------------------------------------------------------

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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