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<p>The Bank of England has operational independence to set monetary policy. As set
out in its latest assessment, the MPC’s “<em>monetary policy response to EU withdrawal,
whatever form EU withdrawal takes, will not be automatic and could be in either direction
</em>and will depend on the balance of effects on supply, demand and the exchange
rate.”</p><p> </p><p>The latest Bank of England Credit Conditions Survey (Q3) indicates
that default rates on secured loans to households have fallen over the past 18 months
and are expected to remain unchanged in the next quarter.</p><p> </p>
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