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Central Banks

BOE’s Mann Says Pound Drop, Energy Bailout Behind Rate-Hike Vote

  • Policy maker says ‘drifting’ inflation expectations are key
  • Remarks explain vote for 75 basis point hike last month
Catherine Mann

Catherine Mann

Photographer: David Paul Morris/Bloomberg

Bank of England policy maker Catherine Mann said a weaker pound and the UK government’s support for household energy bills were behind her push for the largest interest-rate hike in more than three decades last month.

Speaking on Monday, Mann expressed concern about the pace of monetary tightening coming from the US Federal Reserve, noting that in the past that has led to higher inflation in the UK partly by weakening the pound.