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Bank of England (BoE) policymaker Michael Saunders continues to deliver his remarks on the policy and the economic outlook with key quotes found below.

“The jobless rate has probably risen to about 9%.”

“Risks lie on the side of a relatively slow recovery, reflecting persistently high levels of uncertainty and risk premia.”

“Households and businesses likely to be concerned about the return of COVID lockdown measures.”

“Economy will continue to face other major uncertainties over Brexit and global trade policies.”

“The searing experience of such a dramatic drop in incomes, jobs and profits is likely to have lasting behavioural effects, as after previous crises.”

“Even strong rebound could still leave the UK economy well below pre-COVID level.”

Market reaction

The GBP/USD pair remains under bearish pressure following Saunders’ comments and was last down 0.08% on the day at 1.2240.