I'm not saying I don't like my job, but I think I'd quite fancy sitting on the Bank of England's Monetary Policy Committee (MPC) . Not for the money, of course – though a total compensation package of £163,700 per annum sounds decent. Nor even because I take an amateur's interest in macroeconomics. But, bluntly, because I like the idea of my public statements moving markets.
Anyway, the MPC meets tomorrow to determine, amongst other things, interest rates. With inflation sitting pretty at the Bank's target of 2 per cent, you'd think a rate cut would be a slam dunk. But things are never that straightforward. As business editor Jonathan Prynn notes in his column, the markets are fairly evenly divided on whether we might see a first rate cut since March 2020.
