Pursuits
BOE’s Haldane Signals ‘Sledgehammer’ August Stimulus Push
- Policy makers voted 8-1 to keep rate at 0.5% at July meeting
- Agents surveys indicate reduced hiring and investment plans
Is a BOE Rate Cut Imminent?
This article is for subscribers only.
Andy Haldane said he will probably push for Bank of England stimulus next month, to bolster an economy reeling in the aftermath of the vote to leave the European Union.
Easing will likely be required to “protect the economy and jobs from a downturn” caused by uncertainty that could linger for years, the chief economist said, according to the text of a speech delivered in Port Talbot, Wales, on June 30 and updated to reflect his current view. While he held off voting for loosening this month because of insufficient data, by Aug. 4 officials will be better able to decide the “precise size and extent of the necessary stimulatory measures,” Haldane said.