The Governor of the Bank of England (BOE), Andrew Bailey, has indicated on Monday that are starting to see evidence of a slowdown in UK economic growthas reported by Reuters.
Additional comments
“In the UK and elsewhere, we face a very big shock to add income and expenses“.
“Unfortunately, there is more to come in the inflation shock.”
“The impact of energy prices this year will be greater than in any year in the 1970s.”
“There are risks in both directions to the outlook.”
“It’s very important to keep in mind that inflation hurts the hardest less.”
“There is a very large trade-off between inflation and production.”
“The task we have is clear but difficult, we are going to stick to it.”
“It is appropriate to tighten monetary policy in these circumstancesbut there are risks to inflation on both sides.”
market reaction
The GBP/USD pair has not shown any immediate reaction to these comments. At time of writing, the pair is down 0.3% on the day at 1.3148.
Source: Fx Street
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