The Bank of England (BoE) Monetary Policy Committee (MPC) assessed that "potential changes in tariff policy" still pose "risks to global trade," noting that international trade policy remains subject to "elevated" uncertainty, according to the minutes published on Thursday. Furthermore, "tentative evidence" indicated Chinese goods exports being rerouted from the United States to other countries, including Asia and Europe.
When it came to monetary and financial conditions, it was noted that market volatility "had fallen back" since the MPC's last meeting, but "remained elevated overall in light of continuing geopolitical and trade policy uncertainty."
At the same time, "wage growth and consumer services price inflation had remained at more elevated levels" compared to the euro area and the US.
