BOE’s Vlieghe: Don’t like bank rate to short-term growth

Comments from the MPC member:

Comments from the MPC member:
  • Doesn’t expect many changes to BOE policy in near future
  • “My main message is don’t think of the bank rate being linked to short-term growth in the economy, as that’s not enough.”
  • BOE won’t change stance on “a couple of quarters of growth rates that may be unprecedented”
  • “We need everything to grow very fast because we need to close that gap, relative to the trajectory that we were on before.”
  • “One-off price increases is not what we mean by inflation”
  • “Seeing some strength this year, which I do expect, is not going to be nearly enough to then conclude this is an economy that doesn’t need monetary help anymore.
  • we need the unemployment rate to fall “quite far”
  • He spoke with

This is the same message that we’re getting from all the major central banks.

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