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“It is misleading to talks of a strong recovery in the UK given the very low base for a rebound,”  Jonathan Haskel, a member of the Monetary Policy Committee (MPC) of the Bank of England (BoE), said on Friday.

“If you go down by 25% then you go up by 25% it doesn’t take you back to where you started,” Haskel said and added that he sees little risk of sustained above-target inflation in the UK.

Market reaction

The GBP/USD pair showed no immediate reaction to these remarks and was last seen losing 0.58% on a daily basis at 1.3812.