Chart 19: UK government bond yields (10-year gilt yield) Per cent  18 16 14 12 10 8 6 4 2 0  1980  1985  1990  1995  2000  2005  2010  2015  2020  Sources: Bloomberg Finance L.P, TradeWeb and Bank calculations. 21  All speeches are available online at www.bankofengland.co.uk/speeches  21  Chart 20: UK real rates Per cent 26/06/2020  06/01/2020  0 -0.5  08/01/2018  -1 -1.5 -2 -2.5 -3 -3.5  0  2  4  6  8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 Maturity (Years)  Sources: Bloomberg Finance L.P., TradeWeb and Bank calculations. Notes: Chart shows UK instantaneous implied real forward curve. At its June meeting, the MPC weighed the upside news on demand against the downside news from employment when deciding to expand asset purchases by a further £ billion. My judgement on the balance of these risks led me to vote to maintain the monetary stance rather than loosen it further. I judged the upside news in demand since our previous meeting in May to have outweighed the negative news to the UK’s economic outlook. Let me illustrate my thinking with a simple thought-experiment. In the May MPR scenario, inflation and output fell sharply in the first year before recovering, with the output gap closed by year 2 and inflation back to target by year 3.
Patterson, K and Pyle, G (1991), ‘The Geography and Mortality of the 1918 Influenza Pandemic’, Bulletin of the History of Medicine, Vol. 65, No. 1, pp. 4-21. Samuelson, P (1948), Economics, McGraw-Hill Spreeuwenberg, P, Kroneman, M and Paget, J (2018), ‘Reassessing the Global Mortality Burden of the 1918 Influenza Pandemic’, American Journal of Epidemiology, Vol. 187. No. 12, pp. 2561-2567. 24  All speeches are available online at www.bankofengland.co.uk/speeches  24