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“There is a material risk in my view that it could take several years for the economy to return to full capacity,” Bank of England (BoE) policymaker Gertjan Vlieghe said while delivering the BoE’s annual report to parliament.

Additional takeaways

“I take little comfort from the fact that the unemployment rate has remained fairly stable so far.”

“I am fairly confident that, in the months ahead, the economy will bounce back but still leaving gdp 5% or more below its pre-pandemic level.”

“An economy with lots of job losses is one that will need more stimulus from monetary and fiscal authorities.”

“BoE forecast for output gap closing is quite quick.”

“Gold is a terrible predictor of inflation. We don’t look at gold very much.”

Market reaction

The GBP/USD pair continues to push lower after these comments and was last seen losing 0.45% on the day at 1.3322.

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