MPC minutes to be released sooner
Friday 09 October 1998
The decision to bring forward publication of the minutes - which explain in detail the MPC's reasoning - follows pressure from the Treasury Select Committee.
The Committee, chaired by Giles Radice MP, argued that early publication of the minutes was important on two counts. First, it would help the markets understand MPC thinking sooner. Second, it would improve accountability. Under the old timetable, Select Committee members were frequently unaware of the full voting record of the MPC members who were called to appear before them.
Mr Radice said yesterday: "I am very pleased at the decision. A fortnight is about right, as the committee was concerned not to lower the quality of the minutes."
However, not all economists agreed with the decision, arguing that early publication of the minutes could increase market volatility. Neil Parker at Royal Bank of Scotland said: "We are disturbed by the news. Swings in MPC voting patterns have been such that, on at least two occasions this year, earlier publication of the minutes would have suckered the markets into believing the next rate decision would have been different to the decision we got."
In his letter to Mr Radice, Eddie George, Governor of the Bank of England, said the MPC had considered carefully whether earlier publication of the minutes would give rise to greater market uncertainty.
He concluded: "Our experience since 1994, when we started publishing the minutes of the Chancellor-Governor meetings, does not suggest that this is likely to occur at all frequently."
Diving in at the deep end is no excuse for shirking the style stakes
- 1 World Cup 2014: 20 things we learned in Brazil
- 2 Why I'm on the brink of burning my Israeli passport
- 3 War is war: Why I stand with Israel
- 4 L'Oreal cuts ties with Belgium supporter Axelle Despiegelaere after hunting trip photographs
Game of Thrones author George RR Martin says 'f*** you' to fans who fear he will die before finishing Westeros saga
Ian Thorpe gay: Olympic swimmer comes out in Parkinson interview
Pamplona bull run: Man who contributed to a survival guide for the festival falls foul of the raging beasts
Israel-Gaza conflict: William Hague calls for ceasefire but says Israel 'has the right to defend itself'
Supermoon 2014: When and why will the moon look bigger and brighter this summer?
Sustained immigration has not harmed Britons' employment, say government advisers
War is war: Why I stand with Israel
7/7 memorial defaced on anniversary of 2005 attacks with ‘Blair lied thousands died’ graffiti
Australia facing international condemnation after turning around Sri Lankans at sea
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
Socialist Worker called to apologise over ‘vile’ article saying Eton schoolboy Horatio Chapple's death is ‘reason to save the polar bears’
iJobs Money & Business
£70000 per annum: Harrington Starr: Information Security Manager (ISO 27001, A...
£75000 - £85000 per annum + ex bens: Deerfoot IT Resources Limited: Biztalk Te...
£60000 per annum: Harrington Starr: Trade Desk Specialist (FIX, Linux, Windows...
£35000 per annum: Harrington Starr: Service Desk Analyst (Windows, Active Dire...