"Yesterday’s meeting of the Bank of England’s Monetary Policy Committee confirmed that the process towards a reduction of support for the economy is about to begin.

The decision to leave interest rates unchanged at 0.1% was entirely predictable, while there had been a degree of speculation about the start of a reduction in the asset purchase scheme. In the end, it was left unchanged at £895 billion. There was just one dissenting vote. Inflation hawk Michael Saunders voted for a reduction in the level of asset purchases.

BoE Governor Andrew Bailey spoke at his press conference of the need for a modest tightening should the economy grow as expected. The ambiguity of that remark was not lost on analysts.

Yesterday’s meeting of the Bank of England’s Monetary Policy Committee confirmed that the process towards a reduction of support for the economy is about to begin.

Bailey has been outspoken about the fact that he believes the recent rise in inflation is transitory.

"

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