LONDON, (Reuters) – The Bank of England appears set to be the first major central bank to increase interest rates above their historic lows. This could happen as early as Thursday.

There are however differences between the members of Monetary Policy Committee regarding how urgently and how quickly the BoE must respond to increasing inflation pressures.

On Thursday, at 11:20 GMT, the MPC announces its economic policy forecasts and decisions. Additionally, it has planned policy announcements for Dec. 16th as well as Feb. 3.

You are APPARENTLY ready to ACT

ANDREW BAILEY GOVERNOR

Oct. 17, 2008: While supply-side problems cannot be fixed by monetary policies, they will need to take action if it sees a danger to medium-term inflation or medium-term expectations of inflation. We at the Bank of England signaled, and it is another, that we must act.

MICHAEL SAUNDERS EXTERNAL MEMBER

Oct. 9, 2009: I’m against using code words, or declaring our intentions too far in advance. These decisions are taken when it is most appropriate. However, the markets have priced in an earlier increase in Bank Rate over the months and that I find appropriate.

HUW PAILL, CHIEF ECONOMIST

Oct. 21, 2009: “I believe November is alive” was the MPC’s decision.

“The overall picture is, I believe, that there are many reasons why we don’t require the emergency policies that we had after the intensification and spread of the pandemic.”

SOUNDING ANGRY ABOUT INFLATION PRSURES

DAVE RAMSDEN, DEPUTY GOVERNOR (MARKETS & BANKING)

Sept. 8, 2008: “Although my eyes see dangers on both sides… I worry slightly about inflationary risks at the margin.”

BEN BROADBENT, DEPUTY GOVERNOR (MONETARY POLICY)

September 8th: I was on the side that thought these conditions were met. This refers to the minimal conditions MPC set in order for tighter monetary policies. Broadbent stated that the emphasis should be placed on the medium-term outlook.

LESS ANGRY ABOUT INFLATION THREAT CATHERINE MANN, EXTERNAL MEMBERS

Oct. 14, 2009: “Investors” see that normalizing monetary policy will lead to a change in the direction of travel. They do their homework, and then they price in that direction. It means there is a lot of exogenous tightening in financial conditions in the UK. This means I am able to wait for active tightening via a Bank rate rise.

SILVANA TENEYRO, EXTERNAL MEMBE

October 25, 2008: Uncertainty about the effect of furlough should be settled over the next months. This should provide a better picture of the current state of the labor market.

RECENTLY, I HAVE NOT MENTIONED MONETARY POLICY

JONATHAN HASKEL – EXTERNAL MEMBER

July 19th: “In the short term, the risks of a preemptive monetary tightening curtailing recovery continue to outweigh any temporary period of above–target inflation. I don’t believe that tight policy will be the right policy in the near future.

JON CUNLIFFE, DEPUTY GOVERNOR (FINANCIAL STABILITY)

July 14th: “One should not expect that the reopening the economy will go smoothly. It isn’t something you can close and then reopen with no bumps. We are seeing an increase in demand. Inflation is being driven by constrictions in the supply. This is the clear question: How persistent are these forces? We’d expect them to be there, though we think they will only last a while.