Bank of England Governor questioned on inflation and economic data by Treasury Committee
Figures released this week show inflation running at 4.6%. After voting to increase interest rates fourteen consecutive times, the MPC voted to maintain the base rate at 5.25% in the two most recent meetings.
Members of the committee are likely to ask witnesses for their assessment of recent data on wage growth and unemployment, and how these might feed into future decisions on inflation. The panel may be questioned on whether they believe there is a risk the Bank has over-tightened monetary policy as well as whether they have any concerns about the quality of labour market data on which their decisions are partly based.
The Committee may also choose to question the witnesses about the prospect of changes to the Bank Rate and their individual voting records.
Purpose of session
The session is likely to look at the future path of inflation and the UK’s economic outlook, based on the Bank’s latest Monetary Policy Report published on 2 November 2023.