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Bank of England's (BOE), newly appointed MPC (Monetary Policy Committee) member Gertjan Vlieghe's comments have posed considerable doubts, whether the bank would be able to hike rates any time soon.
According to him UK economic growth need to show more vigour and inflationary pressure before that bank could finally raise rates as economic growth and inflation number has been disappointing since the committee released its projections in November, last year. So with growth slowing down and price pressure easing current conditions doesn't warrant a rate hike from the bank.
In contrast, in the last MPC meeting another MPC member, Ian McCafferty has again voted for immediate hike of 25 basis points as he believed an early rise would help keep pace of growth gradual.
With growth still slowing, and inflation pressures either easing outright or disappointing relative to forecasts, I do not believe the conditions are in place to warrant a rise in Bank Rate.
According to him there needs to be not only growth but upward pressure on inflation, inflation expectations and wage growth before he could vote for a hike.
Inflation figure release today for December, show improved picture though. Retail price index rose 0.3% in December, beating median forecast of 0.1%. PPI core output rose by 0.1% and core consumer price index rose by 1.4% y/y, beating forecasts of 1.2% rise.
Pound has been battered to lowest level since 2010 but up today as risk aversion subsided, trading at 1.433 against Dollar.
