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Bank of England Deputy Governor Jon Cunliffe said on Monday that he emphasises the guidance that they will not tighten policy until there is clear evidence progress is being made in eliminating spare capacity, as reported by Reuters.

Additional takeaways

“For me, the important evidence will be on the impact on unemployment when furlough is removed.”

“The scale of corporate insolvencies as we emerge from the pandemic also an important indicator.”

“My view is that risks are two-sided.”

Market reaction

The GBP/USD pair showed no immediate reaction to these comments and was last seen posting small daily gains at 1.4156.