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Bank of England (BoE) Deputy Governor Ben Broadbent is delivering his remarks on the state of the economy and the policy outlook at the Treasury Select Committee hearing.

Key quotes

“Risks for UK unemployment are in both directions.”

“There is a clear risk that unemployment will rise significantly once support furlough schemes come to an end.”

“No indication from bond markets that investors see MPC’s actions as anything other than necessary to meet the inflation objective.”

“We don’t have much evidence of the UK-EU trade agreement affecting prices.”

“We have seen sterling appreciate because of the EU trade deal, that would have some depressive effect on UK inflation.”

“Hard to know if trade frictions are having opposite effect on inflation.”

“The main effect on UK inflation is probably from sterling strength.”

Market reaction

The GBP/USD pair edged slightly lower following these remarks and was last seen posting small daily losses at 1.410.6

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