This is my first report to the Treasury Committee since I had the privilege of joining the Monetary Policy Committee (MPC) in September 2018. In August 2018, just before I joined the MPC, the Bank of England published its regular Inflation Report outlining its view of the economy. The MPC, conditional on a gently rising path of Bank Rate implied by market yields at the time, expected GDP to grow by an average of around 1 ¾ % per year over the forecast period. This was slightly above the UK potential rates of growth. Global demand was also projected to grow above its estimated potential rate over the forecast and ... (full story)