Bank of England Super Thursday: Here’s everything you need to know
Economists, analysts and investors across the City are busily preparing for Super Thursday.
Rather than having a fortnight to digest various releases from the Bank of England, they'll be hit with the central bank's interest rate decision, minutes of the meeting and new economic forecasts all at once.
The Bank ended what governor Mark Carney previously described as the "drip-feed of news" to improve the effectiveness of its monetary policy communications, and make its policy signals clearer. Last year, the governor was dubbed the "unreliable boyfriend" by one disgruntled MP over his lack of clarity about when borrowing costs could begin to rise.
While the nine members of the central bank's monetary policy committee will be casting their votes on interest rates today, the decision won't be announced until midday tomorrow. Carney's press conference will take place 45 minutes later.
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Economists' expectations for a minority of rate-setters to vote for an interest rate hike is another reason Super Thursday is garnering attention. They've said between two to three members of the nine-strong monetary policy committee could break ranks for the first time this year.
Hawks Martin Weale and Ian McCafferty, who voted for a rate rise between August and September last year before reversing their calls for a rate hike in January due to low inflation, are predicted to dissent. Weale warned rate-setters should be ready to hike borrowing costs as early as August, while McCafferty has said the time for a rate rise is nearing.
Another potential dissenter is outgoing MPC member David Miles who has never voted for a rate rise since joining the committee back in 2009. However, he recently told the Treasury Select Committee that "the first rise in interest rates … clearly is coming and is not a bad thing".
"David Miles … may decide to leave the MPC with a bang," Howard Archer, chief economist at IHS, said.