Silvana Tenryro speaking
She says:
- small amount of policy tightening will probably be needed over forecast period in a smooth Brexit
- if Brexit deal reached, stronger pound would ease inflation pressure, especially given prospects of looser policy abroad
- weaker global outlook would also lengthen. Until there is enough inflation pressure for her to vote for a rate hike
- she does not expect much inflation pressure pickup in the next few months
- more likely than not that no deal Brexit response would be monetary policy loosening but this is by no means certain
- increases in trade tension at added downside risks for global economy
- UK core inflation measures stable, few signs of weakness in inflation expectations
- UK labor market remains tight: employment, hours worked in unit labor costs growth have been strong