Memo to the IMF: UK Monetary Policy is not “Accommodative”
Monetary policy: maintain accommodative stance
The monetary policy response has been vigorous and appropriate
Monetary policy should remain accommodative
Over the last five years the average rate of UK nominal GDP growth has been 1.8%; to find a similar period of slow nominal growth we have to look back to the 1920s. Is that the kind of nominal growth which a “vigorous” or “accommodative” or “appropriate” (seriously? “appropriate”?) monetary policy produces? Hardly.