On and on we go

  • It is not our job to target the exchange rate but are not indifferent to its level
  • Britain's housing problem is supply, supply, supply
  • The UK inflation environment is going to change
  • It's going to get more difficult for the most vulnerable as inflation rises

BOE's Ben Broadbent up too:

  • Brexit referendum shock to UK banking did not occur like in 2008 due to regulations and capital reforms

Shafik again;

  • BOE's role in Brexit will be purely advisory
  • We are in a period of heightened geopolitical risks and these have very real economic consequences
  • We are in a period of very high uncertainty for the world economy
  • Pessimism about investment is why interest rates are low globally
  • Mon pol can only do so much and needs support from other policies
  • It's hard to predict the effects of Brexit on financial sector as we do not know the terms of exit
  • Helicopter money has a lot of drawbacks

Begs the question that if investment is still weak while rates are scraping along the floor or lower, why continue to keep lowering them? Surely there's other issues afoot?