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.
