Market comment - Bank of England and Sajid Javid muddy the waters

Davy Research
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Yesterday's Bank of England vote showed a more dovish Monetary Policy Committee (MPC), with two members voting for rate cuts but the minutes still showing some tightening if UK GDP grows in line with expectations. Meanwhile, Sajid Javid's new fiscal rules showed that the government is prepared to run a deficit of 3% of GDP to fund capital expenditure.