- Pound strength not helpful to exports
- MPC will ensure the UK recovery is not curtailed
- Says market shouldn’t get too hung up on precise date of first rate rises
- Sees BOE rate settling at 2-3% for some while
- Rate will remain materially below 5%
- Reasonable to expect business investment to pick up
- More scope for housing investment to continue driving growth
- Reasonable to believe that UK will return to pre-crisis productivity growth but uncertain when that will be
- Employment gains make productivity rebound less likely
- Uncertainty over productivity central to outlook
- FPC monitoring house prices for stability risk
Charlie Bean speaking at the North East Chamber of commerce in Darlington
The comments on the price of sterling have given the pound a little knock back down to test the lows at 1.6625.
