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Inflation could rise by more than expected on hopes for a quicker economic upturn induced by the coronavirus vaccine progress and massive stimulus, the Bank of England (BOE) Chief Economist Haldane said in a speech to a University College London webinar on Saturday.

Key quotes

“As the economic recovery gathers pace next year, it will be important central banks remain squarely focussed on their core medium-term price stability mandates.” 

“Recent news of progress with the development of COVID-19 vaccines offers some economic light at the end of the long, dark tunnel of this year and there could be a rapid economic recovery in Britain and globally.”

“Taken together with the huge amounts of policy stimulus provided this year, this will in my view leave risks to the economic outlook more evenly balanced than for some time, including risks to inflation over the medium term.”

  • UK set to approve Pfizer-BioNTech coronavirus vaccine from December 7 – FT
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