英格蘭銀行於2009.1.8調降貨幣政策利率0.5個百分點

英格蘭銀行於2009.1.8調降準備金利率 0.5 百分點,至 1.5%。以下為英格蘭銀行新聞稿全文:

News Release

新聞稿

 

Bank of England Reduces Bank Rate by 0.5 Percentage Points to 1.5% 

英格蘭銀行調降準備金利率 0.5 百分點,至 1.5%

 

8 January 2009

200918

 

The Bank of England’s Monetary Policy Committee today voted to reduce the official Bank Rate paid on commercial bank reserves by 0.5 percentage points to 1.5%. 

英格蘭銀行貨幣政策委員會今天投票調降對商業銀行準備金支付的官方準備金利率0.5個百分點,至1.5%

 

The world economy appears to be undergoing an unusually sharp and synchronised downturn. Measures of business and consumer confidence have fallen markedly. World trade growth this year is likely to be the weakest for some considerable time. 世界經濟似乎正在經歷一場不尋常地劇烈且同步化的衰退時期。企業和消費者信心指標已經顯著下滑,今年的世界貿易成長很可能有相當一段時間極為微弱。

 

In the United Kingdom, business surveys suggest that the pace of contraction in activity increased during the fourth quarter of 2008 and that output is likely to continue to fall sharply during the first part of this year. Surveys of retailers and reports from the Bank’s regional Agents imply that consumer spending has weakened. The outlook for business and residential investment has deteriorated. And the availability of credit to both households and businesses has tightened further, pointing to the need for further measures to increase the flow of lending to the non-financial sector. But the substantial depreciation in sterling over recent months may help to moderate the impact on UK net exports of the slowdown in global growth.  

在英國,企業調查顯示,經濟活動收縮在2008年第4季加快步伐,且產出量很可能在今年上半年繼續大幅下滑。對零售商的調查和來自英格蘭銀行地區代表的報告隱含消費者支出已經減弱,企業和住宅投資的展望也已惡化,且家計單位和企業可以動用的授信都遭到進一步緊縮,顯示有必要採取進一步措施,以增加對非金融業部門的放款流量。另一方面,最近幾個月以來,英鎊大幅貶值,可能有助於緩和全球成長減緩對英國淨出口的衝擊。

 

CPI inflation fell to 4.1% in November. Inflation is expected to fall further, reflecting waning contributions from retail energy and food prices and the direct impact of the temporary reduction in Value Added Tax. Measures of inflation expectations have come down. And pay growth remains subdued. But the depreciation in sterling will boost the cost of imports.

消費者物價指數年增率在11月降到4.1%。預期物價上漲率會進一步下滑,反映來自能源和食物零售價格的貢獻率減少,以及營業加值稅暫時減稅的直接影響。物價膨脹預期心理指標已經下降,且薪資成長仍然受到壓抑。另一方面,英鎊貶值將會推升進口成本。

 

At its January meeting, the Committee noted that the recent easing in monetary and fiscal policy, the substantial fall in sterling and the prospective decline in inflation would together provide a considerable stimulus to activity as the year progressed. Nevertheless, the Committee judged that, looking through the volatility in inflation associated with the movements in Value Added Tax, there remained a significant risk of undershooting the 2% CPI inflation target in the medium term at the existing level of Bank Rate. Accordingly, the Committee concluded that a further reduction in Bank Rate of 0.5 percentage points to 1.5% was necessary to meet the target in the medium term.

1月的會議中,貨幣政策委員提到,最近在貨幣和財政政策的放鬆、英鎊的大幅貶值、和未來預料中的物價上漲率下降,加在一起,一定會在年內提供經濟活動相當大的刺激。然而,透視與營業加值稅變動相關的物價上漲率劇烈波動背後,委員會判斷,在現行的英格蘭銀行準備金利率水準下,存在著在中期間可能達不到消費者物價指數年增率2%的目標的顯著風險。因此,委員會論定,有必要進一步調降準備金利率0.5個百分點,至1.5%,才能在中期間達到目標。

 

The minutes of the meeting will be published at 9.30am on Wednesday 21 January. 會議紀錄將在121日星期三上午9:30發表。

 

Notes to Editors

提供編輯的附註:

 

The previous change in Bank Rate was a reduction of 1.0 percentage points to 2.0% on 4 December 2008.

上一次英格蘭銀行準備金利率的變動是在2008124日,調降1.0個百分點,至2.0%