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“Too much emphasis has been put on the impact of immigration on overall wages,” Andy Haldane, the Chief Economist of the Bank of England (BoE), said on Friday. “We have to see how the new UK immigration system affects the labour market,” Haldane added.

Haldane hasn’t commented on the near-term policy outlook.

GBP/USD reaction

The British pound largely ignored these comments. As of writing, the GBP/USD pair was trading at 1.2877, down 0.05% on the day, while the EUR/GBP pair was flat at 0.8535.