That pretty much sums up the entirety of the BOE statement earlier
- Timing of Brexit agreement and its implementation could change
- Any persistent change in sterling would have material consequences for inflation
- "Remarkable" if current sterling level is consistent with final Brexit outcome
- Further rise in uncertainty could push inflation below 2%
- Fundamentals for the UK economy are sound
- Labour market is tight
- Real income growth is an upside risk for forecasts
- Monetary policy response to Brexit will not be automatic
He's not telling us anything we don't know from their previous meeting in December. If anything, he doesn't seem to be mentioning a whole lot on "intensified" Brexit uncertainty. It's very much status quo by the BOE.
Interestingly, he's had his hands crossed the whole time delivering the speech. That's seen somewhat as a defensive posture or he could just be bored after months of having to repeat the same old thing.
