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Queen news: Bank of England urged to think again as major announcement postponed

Her Majesty The Queen died earlier this week at Balmoral aged 96, in what was considered one of her favorite residences. Following the news, a number of closures and cancellations were announced, including in sports and entertainment.

One of the most controversial changes was the Bank of England’s decision to delay a major announcement.

Earlier this week, he announced in a post on Twitter: “Given the current period of national mourning in the UK, the September 2022 meeting of the Monetary Policy Committee has been postponed for a week.

“The committee’s decision will be announced at noon on September 22.”

Economists and journalists were quick to call on the bank to make the decision, insisting it was changing course.

Trade journalist and author Paul Ambery responded on Twitter: “For the life of me, I cannot understand why, at a time of severe economic turmoil, the holding of a meeting to decide whether a rate hike should be taken as a sign from the disrespect of the late queen.

Journalist Ben Smoke joked: “Well done, nothing big is happening in the economy right now, is there.”

Sky News broadcaster Wilfred Frost said he was “surprised” by the bank’s decision.

He wrote: “Although out of respect for the Queen’s period of national mourning, I am surprised that the Bank of England has postponed next week’s Monetary Policy Committee meeting.

Read more: Archie Harrison and Lilibet Diana ready to fly for the Queen’s funeral

Economist Paul Donovan wrote: “There is too much respect for the individual decisions of central banks.

“Given the lag in the operation of central bank policy, the unreliability of data, and the inaccuracy of monetary policy as a tool, a lag of a month or two would be negligible without a crisis. liquidity.”

To that, Mr. Frost replied, “Maybe. But postponing the scheduled meeting is a positive move that will bring the inevitable and necessary rate hike (by a company that has already done a lot in forecasting and fighting inflation) to the committee behind the curve).

Her Majesty’s state funeral will take place on September 19. This day is also a public holiday.

The official period of royal mourning will last seven days after the ceremony.

As the media cycle focused on the life and death of Britain’s longest-reigning monarch, the country’s economy also continued to struggle, with the pound falling to its lowest level against the dollar since 1985 earlier this week.

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