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Bank of England Recent Policy Comments and Decisions

June 30 (Bloomberg) -- The following is a compilation of policy statements and decisions from the Bank of England’s Monetary Policy Committee and Deputy Governors.

June 29 -- Spencer Dale. Chief Economist VENUE: Interview with Mail on Sunday

“It is not our job to control house prices, nor can we control house prices,” he said. Bloomberg story: {NXTW NSN N7X4TX6K50XZ <GO>} Bloomberg bio page: {BBDP 16113899 <GO>} -------------------------------------------------------------------------------- June 29 -- Charles Bean. Deputy Governor VENUE: Interview on Sky News

“It might be reasonable to think that in the long term you would go back to 5%, but it’s probably quite a long way down the road,” he said on interest-rate increases. Bloomberg story: {NXTW NSN N7X42Y6K50XW <GO>} Bloomberg bio page: {BBDP 2003779 <GO>} -------------------------------------------------------------------------------- June 28 -- Mark Carney. Governor VENUE: Interview with Belfast Telegraph

The "appropriate path for interest rates is likely to be limited increases,” he said. “The exact timing of the start of that process will be determined by the evolution of the economy and we will be watching the data closely.” Bloomberg story: {NXTW NSN N7VJ1J6S97T3 <GO>} Bloomberg bio page: {BBDP 5647315 <GO>} -------------------------------------------------------------------------------- June 28 -- Jon Cunliffe. Deputy Governor VENUE: Interview with Telegraph

You need to be “quite careful, particularly when you’re at the zero bound because if you raise rates and the recovery dies out, you haven’t got much policy space.” Bloomberg story: {NXTW NSN N7VJSJ6S9728 <GO>} Bloomberg bio page: {BBDP 18239442 <GO>} -------------------------------------------------------------------------------- June 27 -- Mark Carney. Governor VENUE: Interview on BBC Radio 4

“The economy is performing the strongest of all the advanced economies and inflation is back under control,” he said. "The big picture is not whether the bank rate goes from half a percent to slightly more than that, it’s where interest rates go in the medium term.” Bloomberg story: {NXTW NSN N7TIAJ6JTSEO <GO>} Bloomberg bio page: {BBDP 5647315 <GO>} -------------------------------------------------------------------------------- June 26 -- Mark Carney. Governor VENUE: Interview on Channel 5

“In terms of the precise timing of when we start, as we sit here today, I don’t know exactly when we’re going to start.” Bloomberg story: {NXTW NSN N7SAKB6VDKHS <GO>} Bloomberg bio page: {BBDP 5647315 <GO>} -------------------------------------------------------------------------------- June 24 -- Mark Carney. Governor VENUE: Testimony to the Treasury Committee in London

“The best collective judgment of the MPC, which I share, is that there’s additional spare capacity concentrated in the labor market that can be absorbed further before we begin to normalize interest rates.” Bloomberg story: {NXTW NSN N7O9V76S972K <GO>} Bloomberg bio page: {BBDP 5647315 <GO>} -------------------------------------------------------------------------------- June 22 -- David Miles. Member Monetary Policy Committee VENUE: Opinion in Telegraph

"It now seems to me much more likely that a normalisation of monetary policy starting at some point in my remaining year on the MPC will become appropriate," he said. "Because the inflation outlook is benign, with both cost pressures on firms and inflation expectations of households relatively subdued, I do not think there is urgency about starting on the welcome path to a more normal setting for monetary policy." Bloomberg story: {NXTW NSN N7LCZ26VDKI0 <GO>} Bloomberg bio page: {BBDP 3671737 <GO>} -------------------------------------------------------------------------------- June 20 -- Andy Haldane. Chief Economist VENUE: Interview with Yorkshire Post

“The new normal won’t be rates where we thought about them in the past. It is going to be closer perhaps to that 2%-3% range.” Bloomberg story: {NXTW NSN N7H0276TTDS5 <GO>} Bloomberg bio page: {BBDP 15755237 <GO>} -------------------------------------------------------------------------------- June 19 -- Ian McCafferty. Member Monetary Policy Committee VENUE: Speech in London

“Faced with such uncertainties about the likely pace of absorption of slack, a prudent policy maker, in my view, would want to start to remove some of the current extraordinary level of monetary stimulus a little before the output gap is fully closed.” Bloomberg story: {NXTW NSN N7EYIA6S972T <GO>} Bloomberg bio page: {BBDP 4216007 <GO>} -------------------------------------------------------------------------------- June 19 -- Martin Weale. Member Monetary Policy Committee VENUE: Interview with BBC Radio Ulster

“As things stand at the moment I don’t see the case for an increase in interest rate,” he said. "I would be surprised if that were to change in the very near future.’’ "Later in the year would be a different matter. I will have to see how the economy evolves, what’s happening to labor market pressures, what’s happening to wages.’’ Bloomberg story: {NXTW NSN N7EJBF6JTSF1 <GO>} Bloomberg bio page: {BBDP 1642883 <GO>} -------------------------------------------------------------------------------- June 18 -- Andy Haldane. Chief Economist VENUE: Speech in Scarborough

“There is consensus across the MPC on three key elements of our monetary strategy: that any rate rise need not be immediate, that when rate rises come they are intended to be gradual and that interest rates in the medium-term are likely to be somewhat lower than their historical average.” Bloomberg story: {NXTW NSN N7DG5C6JIJVG <GO>} Bloomberg bio page: {BBDP 15755237 <GO>} -------------------------------------------------------------------------------- June 18 -- Martin Weale. Member Monetary Policy Committee VENUE: Speech in Belfast

“The policy of raising bank rate gradually does imply that the first rise needs to come sooner than would otherwise be the case.” Bloomberg story: {NXTW NSN N7D1RQ6K50XU <GO>} Bloomberg bio page: {BBDP 1642883 <GO>} -------------------------------------------------------------------------------- June 18 -- BOE Publishes Minutes of Rate Meeting Bloomberg story: {NXTW NSN N7DEYC6K50YT <GO>} Bloomberg table: {NXTW NSN N7CVT96SETCA <GO>} -------------------------------------------------------------------------------- June 17 -- David Miles. Member Monetary Policy Committee VENUE: Interview in The Times

“Consistently, growth has come in stronger” than expected, Miles said. “The longer that lasts, clearly one starts to change one’s view of how robust the recovery is, and that will affect when you think is the right time to start normalizing policy.” Bloomberg story: {NXTW NSN N7AURA6TTDS1 <GO>} Bloomberg bio page: {BBDP 3671737 <GO>} -------------------------------------------------------------------------------- June 15 -- Charles Bean. Deputy Governor VENUE: Interview in Sunday Times

“I would welcome us getting on to the path of normalization, as a demonstration that the economy is healing.” Bloomberg story: {NXTW NSN N77XCQ6KLVRD <GO>} Bloomberg bio page: {BBDP 2003779 <GO>} -------------------------------------------------------------------------------- June 12 -- Mark Carney. Governor VENUE: Speech in London

“There’s already great speculation about the exact timing of the first rate hike and this decision is becoming more balanced,” he said. “It could happen sooner than markets currently expect.” Bloomberg story: {NXTW NSN N72O736K50YZ <GO>} Bloomberg bio page: {BBDP 5647315 <GO>} -------------------------------------------------------------------------------- June 11 -- Ben Broadbent. Member Monetary Policy Committee VENUE: Testimony to the Treasury Committee in London

“A rise in interest rates, when it comes, isn’t something that happens whimsically or arbitrarily; it would happen for a reason, because the economy is stronger and inflation in 2-3 years would be growing. Then the economy can withstand them and would require them.” Bloomberg story: {NXTW NSN N70EDP6VDKHT <GO>} Bloomberg bio page: {BBDP 3776185 <GO>} -------------------------------------------------------------------------------- June 9 -- Ian McCafferty. Member Monetary Policy Committee VENUE: Interview on LBC radio

The time “is approaching” for interest rates to start to rise “back to a more normal level," he said. "There is scope for the economy to grow a little further before we get to that point." Bloomberg story: {NXTW NSN N6WTJ26JIJVA <GO>} Bloomberg bio page: {BBDP 4216007 <GO>} -------------------------------------------------------------------------------- June 5 -- Bank of England maintains bank rate at 0.50% Bloomberg story: {NXTW NSN N6P2AD6K50Y5 <GO>} Bloomberg table: {NXTW NSN N6OZWD6SETC9 <GO>} --------------------------------------------------------------------------------

To contact the reporter on this story: Harumi Ichikura in London at +44-20-7073-3270 or hichikura@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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