RE: Bank interest rate rise may be steeper than expected20 Nov 2021 15:32
hardup, that Times article is just page filling, it's complete BS. Of course Huw Pill refused to confirm anything, he can't. All members of the MPC are under a strict contract that prevents them commenting on most things that are within their remit, even after their contract ends and they are no longer a member of the MPC.
Here's some of the conditions of employment attached to their contract.
Everything you do or say formal or informal must be done through the press office, that includes social media posts, interviews and writing articles even if it has nothing to do in general with the BoE.
Do not make any statements, this will be done by the BoE governor as he is chair of the MPC.
He, Andrew Bailey, has now learnt how to talk to the media... perhaps!
Do not associate in any way with any political parties, absolutely no political involvement.
Even though the BoE governor is appointed by the government at that time.
If you're aware of any research, lectures or academic publications where MPC business may be discussed you must inform the press office immediately.
You must not make any statements about how the resulting base rate decision is arrived at, you could mislead or confuse the public about monetary policy.
In addition, members will from time to time receive privileged access to confidential official statistics on a pre-release basis (surprise surprise), as sanctioned by the National Statistician (the ONS). You must not tell anyone or give no clues about these confidential official statistics. Just as I suspected.
Do not provide any personal views about monetary policy because it might undermine the standing of the Bank.
Even after leaving office you must comply for a period of time to continue with these conditions. Failure to comply will result in an agreed/additional fee to be withheld after you have ceased employment.
The BoE has to project impartiality at all times!!!
Of course.