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The BoE Governor Mark Carney, during a scheduled speech in Newcastle, was noted saying that the incoming data gives confidence that soft patch in Q1 was largely due to weather and not due to economic climate.

Key quotes:

   “¢   Domestic inflationary pressures are gradually building to rates consistent with the target.
   “¢   Headline inflation still expected to rise in short-term because of energy prices.
   “¢   Domestic cost growth has continued to firm broadly as expected.
   “¢   Confident that Q1 slowdown was temporary.
   “¢   A tighter monetary policy will be needed.
   “¢   There are some tentative signs that more hostile and uncertain global trading environment has been dampening activity.
   “¢   International data have been mixed since May meeting.
   “¢   Protectionism will damp growth, stoke inflation.
   “¢   Global protectionism will have Brexit-like effects.