Megan Greene wants Bank Rate above 3.75% and the IMF has lifted UK 2026 growth to 1.3%. Barclays card spending rose only 2.0% in September, a real-terms fall, and Thursday's August GDP print is the first test.
The IMF reversed earlier 2026 UK downgrades at the Bangkok meetings, lifting growth to 1.3% and putting Britain joint-second in the G7. Source
Megan Greene, an external member of the Bank of England's Monetary Policy Committee, told the Atlantic Council in Bangkok that Bank Rate should be higher than 3.75%. GDP figures, she said, show policy is "not that restrictive", and more recent labour-market data suggest slack may have peaked. The IMF's October World Economic Outlook handed her timely support. It lifted UK growth for 2026 to 1.3% from 1.0% in July and 0.8% in April, and sees 1.2% in 2027. Official GDP rose 0.6% in Q1 and 0.5% in Q2, and the UK is expected to be among the fastest-growing G7 economies this year, alongside Germany.
