BoE officials deny policy pass-through is their job

Jon Cunliffe
Jon Cunliffe: pass-through will happen, but it will take time
Bank of England

Bank of England (BoE) officials have said today (November 21) that it will take time for rate hikes to pass through to the economy, arguing it is not the central bank’s job to force commercial banks to change rates.

Appearing at the UK’s Treasury Committee, the four members of the monetary policy committee pushed back against concerns that savers are not seeing the benefits of the 25 basis point rate hike on November 2.

“I think it’s the role of the competitive market to determine what banks

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