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Bank of England (BOE) Monetary Policy Committee (MPC) member and Deputy Governor Cunliffe on Monday said that  a great deal of careful deliberation was  needed before changing the monetary and fiscal framework due to structurally low interest rates and reiterated any future rate increases would likely be limited and gradual, per Reuters.

“We need active and powerful macro-prudential institutions and policy,” Cunliffe argued. “Counter-cyclical capital buffer may need to be made more powerful if interest rates low for longer.”

Cunliffe refrained from delivering any other comments on the policy outlook. As of writing, the GBP/USD pair was down 0.9% on the day at 1.2533.