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UK Monetary Policy in a Changing World

In this speech, Kate Barker, member of the Bank's Monetary Policy Committee, discusses the impact of the changing pattern of world trade and growth on the UK economy, and the implications for monetary policy. She points out that, although China is set to have a major effect on the global economy, changes on this scale are not unprecedented, and in the long term the United Kingdom should continue to benefit as more countries open up to world trade. Discussing the November 2003 0.25 percentage point increase in interest rates, she explains that, for her, the decision reflected optimism about the UK economy (and therefore upward pressure on inflation from higher growth), rather than worries over the rising household debt level.