Mark Carney swings the MPC behind him

Now can he get them to support forward guidance?

The Bank of England has just released the minutes from its first Monetary Policy Committee (MPC) meeting headed by Mark Carney, showing that the governor has succeeded in swinging the whole of the committee behind him in agreeing that there should be no further quantitative easing (QE). Under Mervyn King, the split was normally 6-3 against.

The committee's meeting earlier this month resulted in no change in interest rates or QE, but did come with a statement warning people not to expect interest rate rises. That's rare for a decision to make no change, and was widely seen as a form of forward guidance. Today's minutes confirmed that, and also gave the reasoning behind keeping QE on the back burner:

An expansion of the asset purchase programme remained one means of injecting stimulus, but the Committee would be investigating other options during the month, and it was therefore sensible not to initiate an expansion at this meeting. Given the already large size of the asset purchase programme, there was merit in pursuing a mixed strategy with regards to the different policy instruments at the Committee’s disposal.

The Committee’s August response to the requirement in its remit to assess the merits of forward guidance and intermediate thresholds would shed light on both the quantum of additional stimulus required and the form it should take.

Forward guidance is the new hotness in the central bank game, for reasons I explained when earlier this month:

Monetary policy is, at heart, an expectations game. Interest rates, inflation, and even (to a lesser extent) the quantity of money matter because they change the decisions you make about how to plan for the future. If interest rates are low, you're likely to invest. If interest rates are low and likely to stay low, you're likely to invest more. If interest rates are low and the central bank is telling you they'll stay low for quite some time, well then, you may as well buy some stocks or build a bridge or something, because you aren't going to make any profit in a savings account.

The next thing to look forward to is the MPC's explicit assessment of forward guidance, released on 7 August.

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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Our trade unions are doing more for women than ever before

You don’t have to look far to find examples of unions not just “noisily fighting for”, but actually winning better pay, terms and conditions for women.

Reading Carole Easton’s article on women and unions was puzzling and disappointing in equal measure. Puzzling because it paints a picture of trade unions which bears little resemblance to the movement I know and love. Disappointing because it presents a false image of trade unions to women readers just at a time when women need strong trade unions more than ever.

While it is right to say that too little progress has been made in closing the gender pay gap or tackling the scourge of zero hour contracts, it is wrong to suggest that trade unions have been twiddling their thumbs.

Like our friends at the Young Women’s Trust, equality is at the heart of what unions do. This work isn’t measured in the number of high-profile women we have at the forefront of our movement – although we’re not doing too badly there, as anyone will attest who has seen Frances O’Grady, the first female general secretary of the TUC, speaking out for ordinary women workers.  

Trade unions contribute to equality for our 3 million women members every day. For us, that’s about the thousands of workplace reps supporting individual women facing discrimination or harassment. It’s about health and safety reps negotiating for protective clothing and better workplace policies on the menopause, terminal illness and many more issues. Our work is unions taking employment tribunal cases on behalf of women who could never afford the tribunal fees without us. And always, at the heart of everything, our work is about the collective power of workers joining together to bargain for fair pay and decent work.

You don’t have to look far to find examples of unions not just “noisily fighting for”, but actually winning better pay, terms and conditions for women. Several unions have successfully organised cleaners, supported them to take strike action for better pay, and won. The RMT is just one example of many. Unite is busy organising London’s low-paid and often exploited hotel workers. Unison organises teaching assistants, fights for better pay and conditions, and even runs a Skills for Schools project to help TAs develop in their careers. Unison and the National Union of Teachers – both unions with over 75% female membership – organise childcare workers and fight not just for better pay but also for training and development opportunities. Over in the retail sector, Usdaw and GMB are fighting the good fight for their women members in supermarkets and shops, not just on pay but on pensions, health and safety, carers’ leave and protection from violence at work.

Women have much to gain from trade union membership. Male union members are paid 7.8 per cent more than men who aren’t in a union – but women union members are paid 30 per cent more than non-members. A recent EHRC report on pregnancy discrimination found that employers who recognised unions were less likely to discriminate against their pregnant employees.

Yes, it’s true that too few young women are union members. This summer, the TUC and our member unions will launch a new organising and campaigning effort to spread the benefits of union membership and attract a new generation of women (and men).

But starting new women-only unions is no form of progress. That’s where we started out over 100 years ago. Now women workers are at the heart of all our unions, across all sectors. Women’s concerns at work are trade union concerns. And every day we make practical progress towards women’s equality at work through patient representation and negotiation and active campaigning to challenge bad bosses. Young Women’s Trust should work with us to get more women the benefit of union membership.  

Scarlet Harris is women's equality policy officer at the TUC