Bank of England policymaker Swati Dhingra said on Monday (19) that her decision to vote for a half-point reduction in the central bank's recent interest rate decision was intended to make a statement on the direction of the British economy.
"I get to pick times when I want to be able to make a more categorical statement about where I think the economy is headed," Dhingra said in a podcast interview with the Financial Times.
"If I were to keep doing 100 basis point reductions, I don't think it would have as much impact on how financial markets perceive that reduction," she added. "I don't think it would be as strong as if I were to use it sparingly, and that's what I've chosen to do."
The BoE cut its benchmark Bank Rate by a quarter of a percentage point on May 8. Dhingra was one of two members, alongside Alan Taylor, on the Monetary Policy Committee to vote for a larger 50 basis point reduction.
On Monday, Dhingra also attributed her vote to her broader view on where interest rates should be over the longer term.
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