UK: BOE: BOE Instant Answers May 2023

 'Instant Answers' from the  BOE May 11 meet

1. Was the Bank Rate raised, and if so by how much? Yes, by 25bp to 4.5%
2. Number of members voting for a rate cut: Zero
3. Number of members voting for unchanged rate: Two, Dhingra and Tenreyro
4. Number of members voting for a 25bp hike: Seven
5. Number of members voting for a 50bp or larger hike: Zero
   
   NB: On questions 2-5 we will name the dissenters (and the magnitude of dissent)
6. Did the MPC again say “if there were to be evidence of more persistent pressures, then further tightening in monetary policy would be required”? Yes, this was repeated word-for-word.
7. Did the MPC say "Any future increases in Bank Rate are likely to be at a gradual pace and to a limited extent"? No.
8. Did the MPC say the bank rate is now likely close to / at its peak? No.
9. UK CPI rate in two years' time at market rates (mode) (previous Q2+0.76%) 1.1%
10. UK CPI rate in two years' time on constant rates (mode) (previous Q2+0.62%) 0.71%
11. UK CPI rate in three years' time at market rates (mode)  1.2%
12. UK CPI rate in three years' time on constant rates (mode) 0.88%
13. What is the Bank's forecast for QQ Y/Y Q2 2024 GDP? 0.89%
14. What is the Bank's forecast for QQ Y/Y Q2 2025 GDP? 0.74%