- Our decision will be conditional on fiscal policy as well
- Not in a position to speculate on the budget for the time being
- We won't be passing any judgement on what UK chancellor said this week on fiscal policy and/or budget
- Some members, including me, do not have a confident view on an equilibrium terminal rate
- My own view is that we need to see more data
- We are at quite an important moment here for UK data
- I think policy is still restrictive
It goes to show that they won't pre-commit to anything until there is more clarity on the autumn budget. As such, they are still on track to cut in December if need be. However, they will only make that intention clearer once the budget is announced in two weeks' time. So, no biscuits there for those hoping for a more dovish take by Bailey.
