Below are some key takeaways from the speech delivered by Dave Ramsden, Deputy Governor for Markets and Banking of the Bank of England, at the Society of Professional Economists Annual Conference, London, 28 September 2018.
- If the economy continues to evolve, as it has done so far, broadly in line with our August forecast, then further limited and gradual rises in Bank Rate will be appropriate to return inflation sustainably to the target.
- The signal I take from the labour market indicators is one of labour market tightness and rising pay pressures, which I expect to support inflation in the medium term.
- A range of outcomes for Brexit are clearly still possible, not all of which are captured in our central forecast.
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