In his appearance before the Treasury Committee on Wednesday, Swati Dhingra, who will become head of policy at the Bank of England in Augustsaid sterling weakness not tending to boost UK exportsas reported by Reuters.
Featured Statements
“UK trade openness seems to have slowed more than its peers, it’s hard to be entirely sure it’s due to Brexit.”
“I don’t think Brexit has yet caused the BoE to pursue a more aggressive interest rate policy.”
“Brexit is unlikely to change the economic structure of the UK, it will drag down real wages.”
“It is Brexit trade deal likely to cause 1.8% drop in real wages over medium term“.
“It looks like there is more to come in inflation, with rising import costs being passed on.”
“I’ve got many doubts about whether quantitative tightening will reduce inflation“.
“QT is a very new policy, we don’t know its impacts yet, the impact of previous QE on inflation is unclear.”
“It’s better to take a gradual approach to QT, learn as you go.”
“Giving interest rate paths by individual MPC members would cause confusion.”
Source: Fx Street
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