英格蘭銀行於2009.2.5再次調降貨幣政策利率0.5個百分點

英格蘭銀行於2009.2.5調降準備金利率 0.5 百分點,至 1.0%。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 1.0% 

英格蘭銀行調降準備金利率 0.5 百分點,至 1.0%

 

5 February 2009

200925

 

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1.0%

 

The global economy is in the throes of a severe and synchronised downturn. Output in the advanced economies fell sharply in the fourth quarter of 2008, and growth in the emerging market economies appears to have slowed markedly. Business and household sentiment in many countries has deteriorated. The weakness of the global banking and financial system means that the supply of credit remains constrained.

全球經濟處於嚴峻且同步化的衰退期陣痛中。先進經濟體2008年第4季的產出量急劇下滑,新興市場經濟體的成長似乎也已經顯著減緩。許多國家的企業和家計單位的信心已經惡化。全球的銀行業和金融體系的弱勢,意謂授信的供給仍然會受到壓抑。

 

In the United Kingdom, output dropped sharply in the fourth quarter of 2008 and business surveys point to a similar rate of decline in the early part of this year. Credit conditions faced by companies and households have tightened further. The underlying picture for consumer spending appears weak. Businesses have responded to the worsening outlook by running down inventories, cutting production, scaling back investment plans and shedding labour. The Committee welcomed the Government’s latest measures to tackle the problems in the banking system, including the creation of an Asset Purchase Facility to buy high-quality corporate debt and similar assets.

在英國,2008年第4季產出量急劇下滑,且企業調查指出,今年初仍會以相同速率縮減。企業和家計單位面對遭到進一步緊縮的授信情況。消費者支出的基本情勢顯得微弱;企業為因應惡化的前景,減少存貨、縮減投資計畫、和裁減勞工。貨幣政策委員會歡迎政府最近處理銀行體系問題的措施,包括設置「資產購買服務」,用以購買高品質公司債和類似的資產。

 

CPI inflation fell to 3.1% in December. Pay pressures have diminished. But sterling has continued to depreciate, boosting the cost of imports. Inflation is expected to fall to below the 2% target by the second half of the year, reflecting waning contributions from retail energy and food prices and the direct impact of the temporary reduction in Value Added Tax. But the impact of changes in the rate of Value Added Tax, and the gradual pass-through of the depreciation in sterling, mean the path may be somewhat volatile.

消費者物價指數年增率在12月降到3.1%。薪資壓力已經消退。但英鎊繼續貶值,推升進口成本。預期物價年增率在今年下半年會落到2%的目標之下,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。但是,營業加值稅變動的衝擊,交織英鎊貶值效應的逐漸顯現,表示變動過程會有一些波動。

 

At its February meeting, the Committee noted that, although the transmission mechanism of monetary policy was impaired, the past cuts in Bank Rate would in due course nevertheless have a significant impact. Together with the recent easing in fiscal policy, the substantial fall in sterling and past falls in commodity prices, that would provide a considerable stimulus to activity as the year progressed. Nevertheless, the Committee judged that there remained a substantial 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 1.0% was warranted this month.

1月的會議中,貨幣政策委員提到,雖然貨幣政策的傳導機制遭到損傷,但是,過去英格蘭銀行準備金利率多次調降,在正常情況下,一定會有顯著影響,加上最近財政政策的放鬆、英鎊的大幅貶值、和原物料商品價格的一再下降,在今年內會對經濟活動提供相當大的刺激。然而,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,這個月有理由進一步調降準備金利率0.5個百分點,至1.0%

 

The Committee’s latest inflation and output projections will appear in the Inflation Report to be published on Wednesday 11 February.

貨幣政策委員會對物價上漲率和產出量的最新預測,將出現在211日星期三發表的「物價情勢季報」中。

 

The minutes of the meeting will be published at 9.30am on Wednesday 18 February. 會議紀錄將在218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 0.5 percentage points to 1.5% on 8 January 2009.

上一次英格蘭銀行準備金利率的變動是在200918日,調降0.5個百分點,至1.5%