Bank of England (BoE) Deputy Governor Ben Broadbent, speaking to CNBC this Monday, was quoted saying that growth has been reasonably weak for the last two years and there are signs of somewhat weaker economic growth in Q4.
Key quotes:
“¢ Growth still strong enough to pressure wages.
“¢ Wage growth is materially higher.
“¢ Seeing signs of domestic inflation pressure now.
“¢ Seen intensification of drag on business investment, related to Brexit.
“¢ Brexit uncertainty hits productivity, investment.
“¢ The outcome of Brexit could change the outlook for the UK economy materially.
“¢ Limited and gradual rate guidance doesn’t mean one rate hike per year precisely.
“¢ Important thing is to ensure that we would not have to engage in a very steep series of rate hikes.
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