GBP MPC Member Haskel Speaks
BOE MPC members vote on where to set the nation's key interest rates and their public engagements are often used to drop subtle clues regarding future monetary policy;
MPC voting member Sep 2018 - Aug 2024;
- History
Expected Impact / Date | Description |
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Apr 23, 2024 | Due to speak at the Occasional Econometric Seminar Series, in London; |
Apr 17, 2024 | Due to participate in a panel discussion titled "Growth: A Reckoning" at King's College, in London; |
Nov 28, 2023 | Due to speak about UK inflation at Warwick University, in England. Audience questions expected; |
Nov 15, 2023 | Due to speak at the Resolution Foundation, in London; |
Nov 3, 2023 | Due to participate in a panel discussion titled "Labour market dynamics" at the Bank of England Watchers’ Conference, in London; |
May 25, 2023 | Due to speak at the Peterson Institute of International Economics, in Washington DC; |
May 23, 2023 | Due to participate in a panel discussion at the Federal Reserve Bank of Richmond's Technology-Enabled Disruption Conference; |
May 19, 2023 | Due to speak at the Economic Statistics Centre of Excellence Conference on Economic Measurement, in London; |
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- GBP MPC Member Haskel Speaks News
More slack in Britain's labour market is needed to be confident that inflation will stay at 2%, Bank of England policymaker Jonathan Haskel said on Tuesday. "The labour market is central to the inflation aspect," Haskel said at a seminar at City University's Bayes Business School when asked if he now thought it possible inflation would hold at 2% rather than rise later this year. Last month the BoE forecast inflation would fall below 2% in the second quarter of 2024, before rising towards 3% later in the year, but last week BoE ...
I am delighted to be back at the University of Warwick. My thanks to the students who run the Warwick Finance Society and the Economics Society for kindly inviting me. I want to take this occasion to pay tribute to Professor Nick Crafts, who passed away on October 6th, 2023. He was Professor here from 2005-2019 and was rightly described in his obituary in The Times as “the most distinguished British economic historian of his generation” and in the Financial Times as writing “the definitive account of Britain’s Industrial ...
Equity markets in the Asia-Pacific region were mixed with falls in Japan but rises in other jurisdictions including China. Benchmark US 10-year Treasury yields are little changed overnight, staying below 4.40% close to recent lows. In the UK, the British Retail Consortium’s shop price index released overnight revealed inflation at a 17-month low of 4.3% in November, down from 5.2% in October. Bank of England MPC member Dave Ramsden warned, however, that inflation has become more ‘homegrown’ and that policy will need to be ...
It’s my pleasure to be here at the Bank of England Watchers’ Conference, and my thanks to the Qatar Centre for Global Banking & Finance and the Macro Money and Finance society for organising the event and inviting me to participate. Since the panel is on the labour market, I want today to set out briefly why I think wage growth is as high as it currently is. But first, why should a monetary policy maker care about wage growth? CPI inflation in the year to August 2023 was 6.7%. This is much lower than the 10-11% we had over the ...
post at 1:35pm: BoE’s Haskel: If We Do See Evidence of More Inflation Persistence, We Will Tighten Policy
The Peterson Institute for International Economics (PIIE) will host Jonathan Haskel, an external member of the Bank of England's Monetary Policy Committee, for a presentation on the drivers of recent inflation. Why has inflation been so high? Haskel will divide UK, US, and euro area consumer price inflation into the proximate contributions of wages, profits, energy, and other factors and assess the implications for UK monetary policy.
I am delighted to be at the Peterson Institute here in Washington DC today. I will talk today about the UK economy and monetary policy, with some comparison to the US and euro area. Let me summarise my main points at the outset. 1. My reading of official UK inflation data is that the contribution of rising business profits to recent inflation is small. 2. Looking forward, the labour market is still very tight in an absolute sense: for example, the vacancies-to-unemployment ratio remains historically very high, as does unit wage growth. 3. I prefer to lean against the risks of inflation momentum. As difficult as the economy’s current conditions are, embedded inflation would be worse. Further increases in Bank rate cannot be ruled out. Inflation in the UK: costly energy and a tight labour market Since this is an international audience, let me start by giving you a quick overview of the UK inflation environment. The headline measure of inflation in the UK, the Consumer Price Index (CPI), has risen 8.7% in the year to April 2023. This is down from its recent peak of 11.1% in December 2022, which was the highest on record since the CPI officially began in 1988. Historic modelled estimates from the UK Office for National Statistics (ONS) suggest that inflation in the UK was last higher in February 1982. The current high inflation in the UK is due to a range of factors, which we explore shortly. Chart 1 shows inflation “component accounting”. Based on the components of the CPI basket, services and energy were each accounting for about 3pp of inflation in the early part of this year, with ‘food and non-alcoholic beverages’ and ‘other go post at 12:32pm: BOE'S HASKEL: FURTHER RATE HIKES CAN'T BE RULED OUT. post at 12:31pm: BOE'S HASKEL: I PREFER TO LEAN AGAINST RISKS OF INFLATION. post at 12:32pm: BOE'S HASKEL: THE LABOR MARKET IS STILL VERY TIGHT IN THE UK. post at 12:33pm: BOE'S HASKEL: AS DIFFICULT AS OUR CURRENT CIRCUMSTANCES ARE, EMBEDDED INFLATION WOULD BE WORSE. WE'RE NOT SEEING EMBEDDED INFLATION YET.
Good afternoon, and thank you for having me. It’s a pleasure to be here at the Bank of Israel. I have had the privilege to be a member of the Monetary Policy Committee at the Bank of England for the last four years, which has been an economically eventful period. But in some ways the old subjects keep coming back, not least the importance of raw material price rises. You will not be surprised therefore that the latest Monetary Policy Report (the quarterly document issued by the Bank with the latest inflation forecast) cites the work of former Bank of Israel governor, Michael Bruno. I met Michael when I was a graduate student and whilst I am not delighted about the rise in energy prices, I am delighted that his work lives on. post at 11:02am: BOE'S HASKEL: IT'S IMPORTANT THAT MONETARY POLICY MAINTAIN ITS RESOLVE IN THE FACE OF THE THREAT OF ONGOING INFLATIONARY PRESSURE. post at 11:03am: BOE'S HASKEL: RECENT INDICATIONS SUGGEST THAT THE UK IS ALREADY SLOWING DOWN. post at 11:03am: BOE'S HASKEL: THE CONCERN FOR ME IS THE POSSIBILITY THAT IF PRICE INCREASES BECOME EMBEDDED, MONETARY POLICY WILL HAVE TO BE TIGHTER FOR A LONGER PERIOD OF TIME.
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