Facing both renewed risks of recession but also still stubbornly high inflation, the policy dilemma facing this week’s BoE MPC meeting is even more stark than ever. In August, only one dove, Swati Dhingra, broke ranks to vote against what turned out to be a remarkable fourteenth successive tightening and two of the most hawkish participants, Jonathan Haskel and Catherine Mann, even wanted a larger 50 basis point hike. Mann still seems to favour another hike but other recent comments have suggested that an increasing number of MPC members have become more concerned about the danger of raising Bank Rate too far. Not ... (full story)