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Rise In Inflation Is Worrying: Bank of England's Megan Greene
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April 22, 2025
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13:16Now PlayingMegan Greene, one of the Bank of England’s most hawkish policymakers, said Donald Trump’s wave of global tariffs is more likely to weigh on prices in the UK than it is to stoke higher inflation.
In an interview with Bloomberg TV on Tuesday, Greene said she has been on the cautious side of the BOE’s rate-setting panel due to lingering concerns over supply-side restraints, high wage growth and persistent inflation in the services sector.
However, she added: “I think that the tariffs actually represent more of a disinflationary risk than an inflationary risk, though. And so we’ll have to see how that develops going forward.”
Greene, an external member of the Monetary Policy Committee, said there was likely to be a lot more volatility to come as a result of White House trade policy. While the tariffs are expected to raise prices in the US, Britain could see the opposite effect due to the diversion of cheap Asian exports, a weaker dollar and the softening of demand from slower growth.
Asked about Trump’s verbal attacks on Federal Reserve chair Jerome Powell, meanwhile, Greene said “central bank independence is absolutely crucial”.
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