BoE’s Mann says UK needs to respond to higher rates abroad

The UK’s exposure to global financial spillovers means rate-setters need to respond to tighter policy overseas, the Bank of England’s Catherine Mann said on June 20.

The monetary policy committee member said the UK is “particularly exposed” to these spillovers, but she noted the BoE had tended to raise rates only “modestly” in response to this “global factor”.

Mann argued there was likely a case for acting more forcefully given the current situation. She outlined scenarios that suggested

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