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The Bank of England’s (BoE) Monetary Policy Committee (MPC) is made up of nine members. Governor Mark Carney, Deputy Governor of Monetary policy Ben Broadbent, Deputy Governor of Markets and Banking Nemat Shafik, Deputy Governor of Financial Stability Sir Jon Cunliffe, Chief Economist Andrew Haldane and four external members – Kristin Forbes, Martin Weale, Gertjan Vlieghe, and Ian McCafferty.
Let’s take a look at their views post-referendum.
- Bank of England’s (BoE) chief economist Andrew Haldane has pledged to support a significant and material package in this week’s meeting.
- External member Kristine Forbes has indicated that her preference would be to wait and watch before adding to the stimulus.
- External member Gertjan Vlieghe has already voted for a 25 basis points rate cut in July.
- External member Martin Weale has shifted his stance from wait and watch to stimulus supporter.
- Governor Carney is already in for some sort of stimulatory measures.
Post Brexit views from Sir John Cunliffe, Nemat Shafik, Ben Broadbent, and Ian McCaffterty are yet not available, however, pre-referendum comments suggest none of them except for Mr. Ian has been much of a hawk.
So, it would be fair to say if the BoE governor wants to go for a stimulus, there would be enough support to it. However, there is a chance that due to lack of data, the BoE may go for a moderate stimulus.
