The Bank of England did not change its policy measures as expected, with bank rates remaining at 0.1% and gilt purchases of £ 875 billion.

However, the vote split on gilt purchases saw Ramsden joining Saunders in calling for a cut to GBP 860bln. Alongside this, the BoE noted that some developments have meant that the case for tightening has strengthen, which in turn has prompted a shift in money markets pricing in a 15bps rate hike for March 2022 vs Previous May 2022. That said, the March meeting is not a quaterly meeting like February or May, making it unlikely that a hike will take place at March.