Bank of England (BoE) policymaker Catherine Mann is testifying on the May Monetary Policy Report (MPR) before the UK Parliament’s Treasury Select Committee (TSC) on Tuesday.
Key quotes
Voted to hold rates unchanged in May as labor market had not loosened as much as I expected in February.
Services price inflation above what I view as consistent with getting CPI back to target.
My switch in vote from a 50 bps cut to a hold reflected spillover from financial market volatility.
Better to make bolder moves on rates then hold for longer.
Need to be concerned that inflation at 4% could change wage and price setting dynamics.
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