BOE Delays May MPC Policy Decision To May 10 Due Election

LONDON ((MNI) – The Bank Of England confirmed Tuesday that it would
delay its May monetary policy decision from Thursday, May 6 until
Monday, May 10 due to the General Election.

UK Prime Minister Gordon Brown announced Tuesday that the General
Election would be held on Thursday, May 6. Under the BOE’s pre-announced
rules, Monetary Policy Committee meetings are delayed if they clash with
national elections.

In a news release issued last September the BOE said “Should a
general election take place on any scheduled MPC meeting date the start
of the MPC meeting would be deferred by 48 hours to Friday afternoon,
and the meeting would continue on the following Monday morning. This
means that the decision would be announced at 12 noon on the Monday
after the election.”

The MPC will, therefore, announce the outcome of its May meeting at
1100 GMT Monday, May 10.

–London Bureau; Tel: +442076341655; email: ukeditorial@marketnews.com

[TOPICS: M$B$$$,M$$BE$,MT$$$$]