The BOE in a speech is saying:

  • Important for BOE and monetary policy to stand firm against the risk of persistent inflationary pressure
  • Concerned for me is the risk that if price rises becomes embedded monetary policy would have to be tighter for longer
  • Latest signs of activity suggest the UK is already slowing down
  • Signs of a slowdown do not imply less tightening given strength of labor market, rise in inactivity
  • Supply side stresses risk persistent inflationary pressure
Comments from the Bank of England MPC member