There must be a reason why every Tom, Dick and Harriet is popping up with Brexit comments
The UK is not ready for hikes now
It's an open question to whether the economy stays strong as inflation is picking up
Europe is relatively dependent on London
Banks may move some jobs out of London
Speaking to LBC on the wireless.
More from McCafferty;
Would be surprised if there was no acceptable deal reached with the EU
No deal would probably lead to a couple of years of the economy performing badly
UK recession is not in the bank's central forecasts
Does not expect the uncertainties to dissipate soon but will have less impact than previously feared
The biggest thing to take from his comments is that he's pretty much ruled himself out of voting for a hike. He'd be a banker to join Forbes on the hike side at any given opportunity so saying the UK isn't ready for a hike is pretty dovish from him.
Doesn't know whether he will vote for a rate hike
That's sitting on the fence a bit.
BOE must strike a balance with a price overshoot
Only has a limited tolerance for an inflation overshoot
Get the core up to near 2.5% and I reckon he starts voting for a hike.
