The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to increase the size of its asset purchase programme, financed by the issuance of central bank reserves, by ￡50 billion to a total of ￡325 billion.
In the United Kingdom, the underlying pace of recovery slowed during 2011, with activity falling slightly during the final quarter. Some recent business surveys have painted a more positive picture and asset prices have risen. But the pace of expansion in the United Kingdom’s main export markets has also slowed and concerns remain about the indebtedness and competitiveness of some euro-area countries. A gradual strengthening of output growth later this year should be supported by a gentle recovery in household real incomes as inflation falls, together with the continued stimulus from monetary policy. But the drag from tight credit conditions and the fiscal consolidation together present a headwind. The correspondingly weak outlook for near-term output growth means that a significant margin of economic slack is likely to persist.CPI inflation has fallen back from its September peak, declining to 4.2% in December. Inflation should continue to fall sharply in the near term, as the increase in VAT in January 2011 drops out of the twelve-month comparison. Inflation is then likely to decline further as the contribution of energy and import prices diminishes, while downward pressure from unemployment and spare capacity continues to restrain domestically generated inflation.
In the light of its most recent economic projections, the Committee judged that the weak near-term growth outlook and associated downward pressure from economic slack meant that, without further monetary stimulus, it was more likely than not that inflation would undershoot the 2% target in the medium term. The Committee therefore voted to increase the size of its programme of asset purchases, financed by the issuance of central bank reserves, by ￡50 billion to a total of ￡325 billion. The Committee also voted to maintain Bank Rate at 0.5%. The Committee expects the announced programme of asset purchases to take three months to complete. The scale of the programme will be kept under review.
The Committee’s latest inflation and output projections will appear in the Inflation Report to be published at 10.30am on Wednesday 15 February.
The minutes of the meeting will be published at 9.30am on Wednesday 22 February.
Note to Editors
The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.5% on 5 March 2009. A programme of asset purchases financed by the issuance of central bank reserves was initiated on 5 March 2009. The previous change in the size of that programme was an increase of ￡75 billion to a total of ￡275 billion on 6 October 2011.
予めお断りしますが、全文は訳しません
声明文のリンク太字でハイライトしたところだけを簡単にまとめると
＞＞＞英国の景気回復力は昨年鈍化し、最終四半期（Q4)には更に落ち込んだ。
企業活動の状態を表す最近のデータを見ると、若干前向きな改善が見え、資産価格の上昇に結びついている。
しかし英国の輸出業界の拡大ペースの鈍化は未だ継続していることも事実であり、（主な輸出先である）ユーロ圏の債務問題や競争力低下などが英輸出産業の今後を占う上でも問題となっている。
年後半には緩やかなペースでの生産性向上が予想されているが、それに加えてインフレ率下落の恩恵や金融政策サイドからの緩和効果も手伝い、各世帯の可処分所得の向上に繋がると予想される。
しかし信用市場の回復が遅れていることに依然変わりないことに加え、政府の緊縮財政政策の継続は、世帯所得の向上にとって向かい風となる恐れはある。
以上の状況をもとに判断すると、直近の経済活動見通しが改善されていないため、英景気低迷はここからも継続するであろう。
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