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Continuing with his testimony before the Treasury Committee, in London, the BoE’s external MPC Member Gertjan Vlieghe was further noted saying:

   “¢   His central projection is one/two 0.25% rate increases will be needed per year.
   “¢   This will be over a three-year forecast period.
   “¢   Says his central forecast is slightly above the rates path in May’s inflation report.
   “¢   Long-run impact of Brexit is not BOE’s main concern.
   “¢   The BOE is though concerned with domestic reactions to Brexit vote.
   “¢   Unwinding of asset purchases likely to take place when rates have moved up sufficiently that they can be used effectively in either direction.
   “¢   Risks to productivity growth over the next few years are probably skewed to the downside of BoE’s 1% forecast.
   “¢   US trade tariffs have been too small to have a material effect on UK economy.
   “¢   Even if additional US trade measures discussed so far are implemented, it would probably still not have a material effect on the UK.