Market news
22.09.2020, 08:03

BOE governor Bailey: UK recovery has been quite rapid, substantial, but below the surface, the recovery is very uneven

  • UK recovery in Q3 is a little bit ahead of expectations

  • The economy can be viewed as glass half-full or half-empty

  • Labour demand is weak, unemployment is higher than reported number

  • Investment is also very weak, but housing market is strong

  • We will do everything we can to support the UK economy

  • We have looked very hard at scope to cut rates further

  • That includes negative interest rates

  • Concluded that negative rates should be in the toolbox

  • We do not intend to take any action to tighten policy until there is very clear evidence of significant progress to achieve 2% inflation target sustainably

  • Like the Fed, BOE is flexible in returning inflation back to its target

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