BoE: depressed by political dithering
- The MPC was unanimous in leaving policy unchanged again in Sep-19, as expected.- Brexit continues to bifurcate the outlook for the economy and policy, with the BoE having a bias to hike rates if a smooth withdrawal agreement occurs.
- Costs to prolonging the political uncertainty by dithering over a decision are also rising. The reduced likelihood of resolving things next month has raised their relevance and left the MPC signalling that this path would paralyse policy too.
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