BoE’s Weale votes against forward guidance

Bank of England

The Bank of England's Monetary Policy Committee (MPC) was divided over the introduction of forward guidance, its latest minutes revealed today, with one member – Martin Weale – voting against the policy after calling for a stricter inflation ‘knockout'.

The remaining eight members voted in favour of tying the bank's monetary policy to the unemployment rate, and approved the creation of three conditions (or 'knockouts') that, if met, would nullify the commitment.

The first knockout states that if

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