By raising Bank Rate by 75 basis points on 3 November – the Monetary Policy Committee’s biggest hike yet – Bank of England Governor Andrew Bailey is showing the strength of his conviction to get consumer price inflation back to its 2% medium-term target. The rise comes despite deepening risks to growth and flying blind on the fiscal outlook before new UK tax and spending plans are announced and costed on 17 November. With the MPC wanting to reclaim its cherished policy tool, further increases look inevitable.
Loss and damage set to dominate ‘African COP’ By Sarah Moloney What will be on the agenda at COP27 in Sharm-el Sheikh, Egypt? The so-called ‘African COP’ may facilitate a greater focus on the needs of developing economies, which countries particularly vulnerable to the effects of climate change have been calling for.
Truss’s legacy as ‘orthodoxy’ returns: stabilising Britain needs more tightening By David Marsh The UK government’s policy mistakes will require more severe macroeconomic tightening than would have otherwise been necessary before the ill-fated 23 September budgetary measures, according to Nick Macpherson, a well-regarded former head of the UK Treasury.
MEETINGS Regulating the cryptoassets landscape in Japan Thursday 10 November, Roundtable Tomoko Amaya, vice minister for international affairs, Financial Services Agency, joins OMFIF to discuss Japan’s digital landscape, regulatory framework and policies concerning digital assets and stablecoins from the perspective of financial stability and user protection.
LATEST REPORT Digital assets: Regulation and infrastructure for an evolving economy This report examines the economic opportunities digital assets present, looking at different kinds of digital assets and the possibilities they offer for businesses and individuals to deliver value and generate revenue.
