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