ICYMI - BoE's Saunders sees no recovery for the UK economy in the next 2 to 3 years
Bank of England Monetary Policy Committee (MPC) Michael Saunders spoke overnight, Justin had the info as it happened:
Saunders was only one of the two MPC members who voted to increase the BoE QE program this month. He emphasised yet again he wants to do more given the dire outlook he has for the economy:
- "If unchecked, there are risks of a vicious circle, whereby the economy gets stuck in a self-feeding loop of weak activity, pessimistic expectations and low investment"
- He added that the BoE forecasrt that potential economic output 3 years inb the future will 1-2% lower than it forecast in January was a "relatively benign outcome" compared with past economic downturns.