MPC Minutes, November 2013

November Monetary Policy Committee Minutes released

The latest minutes for the Bank of England’s Monetary Policy Committee (MPC) show that Governor Mark Carney continues to enjoy the unanimous support on the Bank’s approach to interest rates.

Cautious optimism

Overall the picture the minutes paint is of cautious optimism.  They fly a number of warning flags but generally are less certain on the timing of the recovery rather than whether or not it will happen.   Key amongst these warnings are the challenges still facing the euro area together with the need for UK businesses to rebuild the strength of their balance sheets.

The outlook for pay

As far as pay is concerned, the MPC reports that inflation and its expected path continue to result in high wage increases.  Indeed the Committee continues to see the slack in the labour market and the need for some further recovery in productivity as effectively containing pay.

PDF icon MPC Minutes, November 2013