Speaking to a Treasury Select Committee

  • Risk to UK is that global growth keeps disappointing
  • Household debt to income ratio remains elevated
  • UK inflation risks are skewed to the downside
  • Later phases of QE had a smaller impact than earlier phases
  • MPC's remit allows taking longer to get to CPI target
  • Was told he could keep stake in Brevan Howard when he received job application
  • Fully disclosed stake at time of job application
  • The global economy has systematically disappointed
  • We should not expect return to pre-crisis growth levels for some years
  • We need a prolonged period of growth by reducing the debt burden
  • UK growth is solid but not fantastic
  • Global factors will hold back UK economy
  • Headwind include the strong pound
  • A strong exchange rate in a strong global economy is not a problem but is more so in a weak global economy

Keep an eye on his comments as we may get an idea of where he sits on the dove/hawk scale

Ian McCafferty says there's great uncertainty about slack in the UK economy.