Add official US and European collection and calendar storage
Collect official RSS and Atom summaries, preserve historical captures, and poll macro releases with bounded cadence and Retry-After handling. Separate news collectors from the economic calendar worker. Track statistical periods, publication stages, first observations, revisions, and current official series. Include explicit migration files and isolated archive, parsing, and import tests; no migration or import is executed by this commit. Keep dependency declarations and lockfile together for PDF archives and the upcoming captcha integration. Verify the staged snapshot with 90 focused tests.
This commit is contained in:
1 parent
5fa1e37fd4
commit
e8ca4daa0e
76 files changed
+18923
-4
No files matched your search
+15
@@ -0,0 +1,15 @@
|
||||
<html><body><h2 class="cookie-title exclude-navigation">Our use of cookies</h2><p>We use necessary cookies to make our site work. We’d also like to use some non-essential cookies (including third-party cookies) to help us improve the site. By clicking ‘Accept recommended settings’ on this banner, you accept our use of analytics cookies. For more information on how these cookies work please see our <a>Cookie policy</a>.</p><h1 itemprop="name">Bank Rate maintained at 3.75% - July 2026 Monetary Policy Summary and Minutes</h1><h2 class="exclude-navigation">
|
||||
<span class="display-lap-desk">Related links</span>
|
||||
<button class="accordion-button">
|
||||
Related links
|
||||
<span class="accordion-toggle"></span>
|
||||
</button>
|
||||
</h2><div class="published-date">
|
||||
Published on
|
||||
30 July 2026
|
||||
|
||||
|
||||
|
||||
</div><h2>Monetary Policy Summary, July 2026</h2><p>At its meeting ending on 29 July 2026, the Monetary Policy Committee (MPC) voted by a majority of 6–3 to maintain Bank Rate at 3.75%. Three members voted to increase Bank Rate by 0.25 percentage points, to 4%.</p><p>In response to events in the Middle East, crude and refined energy prices have remained volatile and higher than pre-conflict. The impact of the energy shock on the UK economy remains uncertain. Monetary policy cannot influence energy prices but is being set to ensure that the economic adjustment to them occurs in a way that achieves the 2% inflation target sustainably. The policy stance required to achieve this will depend on the scale and duration of the shock, and how it propagates through the economy including via financial conditions.</p><p>CPI inflation has fallen to 2.6% since the previous meeting, although it is expected to rise later this year as the effects of higher energy prices continue to pass through. The risk of material second-round effects in price and wage-setting, against which policy needs to lean, is greater the longer higher energy prices persist. There is little evidence so far to suggest such effects, and there have continued to be clear signs of underlying disinflation in recent data. Loose labour market conditions, and higher interest rates faced by households and businesses than prior to the conflict, will also act to reduce inflation over time. The Committee judges that the risks to the inflation outlook are tilted to the upside relative to the central projection in the July Monetary Policy Report, but there remains scope for the outlook to change materially as events in the Middle East unfold. </p><p>The Committee judges that it is appropriate to maintain Bank Rate at this meeting. The Committee stands ready to act as necessary to ensure that CPI inflation remains on track to meet the 2% target in the medium term.</p><h2>Minutes of the Monetary Policy Committee meeting ending on 29 July 2026</h2><p>1: Before turning to its immediate policy decision, the Monetary Policy Committee (MPC) discussed key economic developments and its judgements around them, as well as its views on monetary policy strategy. The latest data and analysis underpinning these topics were set out in the accompanying <a>July 2026 Monetary Policy Report</a>.</p><p>2: At this meeting, the Committee discussed developments in global energy prices, the uncertainty surrounding the prospects for them and the implications for near-term inflation. It also discussed the extent of disinflation and slack in the economy, the potential scale of second-round effects and broader global factors as possible drivers of future inflation. </p><p>3: The conflict in the Middle East, and its impact on energy prices and the UK economy, remained the dominant source of uncertainty for the inflation outlook. In the run-up to this meeting, oil and gas prices were materially higher than pre-conflict. The Brent crude front-month future and the UK front-month natural gas future were $84 per barrel and 136 pence per therm respectively as at close of business on 28<sup> </sup>July. In the June CPI outturn of 2.6%, motor fuel prices had contributed 0.6 percentage points to CPI inflation. Inflation was expected to rise further this year from the direct and indirect effects of higher energy prices. Volatility in energy prices would correspond to volatility in this near-term inflation outlook. Members continued to look through direct effects. But policy would need to guard particularly against second-round effects that created inflation persistence, while considering any trade-off with weaker economic activity. The risk of material second-round effects would depend on the scale and duration of the energy shock, which remained uncertain.</p><p>4: All members agreed that risks to the paths of energy prices remained skewed to the upside. Energy markets had been volatile, and there was concern that repeated re-escalations of the conflict could prolong this volatility. This could generate further upward pressure on energy prices, with uncertainty over how long this could linger. The release of strategic oil reserves and substitution between energy sources had been restraining more acute oil price increases, but could not mitigate the shock indefinitely. And gas and refined product prices, which were salient for households and businesses, had been less tempered by these mitigants owing to supply constraints. The Committee therefore remained attentive to the risk that consumer energy prices could stay elevated for longer, even if for most members the range of likely near-term global energy price paths had probably narrowed relative to the more extreme levels considered at the time of the April Monetary Policy Report.</p><p>5: In evaluating the impact of these developments on inflation, all members acknowledged that there had been sustained disinflation pre-conflict. Although above theLine truncated
|
||||
<a class="scroll-to-top">Back to top</a>
|
||||
</p></body></html>
|
||||
Reference in new issue
Block a user