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.
The memorial opens at Leeds Minster on September 10 Stitch Their Names Together
