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Bank of England's Swati Dhingra defends call for bigger rate cut

"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.

Swati Dhingra

Dhingra also attributed her vote to her broader view on where interest rates should be over the longer term.

Vivek Mishra
By Vivek MishraMay 21, 2025
Vivek Mishra

Vivek Mishra is an assistant editor at Eastern Eye covering British Asian affairs and developments in UK and South Asian politics. With 14 years of experience in digital journalism, his interests include politics, international relations, business, current affairs and sports.

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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.

alan taylorbank of englandbank rateboe decisioneconomic outlookfinancial marketsfinancial timesinterest ratesmonetary policy committeerate cutswati dhingrauk economy
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