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Financial News: BoE's Cunliffe: Prefer To See Signs Of Improving

BoE's Cunliffe: Prefer To See Signs Of Improving Wage Growth Ahead Of Tightening

11/15/2017 - 01:48:00 (RTTNews)

(RTTNews) - Bank of England Deputy Governor Jon Cunliffe, said it was possible to wait for clear signs of pay growth picking up, before tightening policy early this month.

At the November policy meeting, the BoE lifted the interest rate for the first time in a decade. Cunliffe and Dave Ramsden voted against the 25 basis point rate hike.

Cunliffe said his decision was not the result of his having a markedly different view to the majority of the right trade-off between output and inflation over the forecast period.

Rather, it was because of the current uncertainty around unemployment and inflation, Cunliffe said.

"In my view, the low level of domestic pressure on inflation now, the absence of second round effects from the depreciation of sterling, and inflation expectations around their historical averages, make it possible to wait before tightening policy until there is clear evidence that pay growth is responding to the level of unemployment in line with our forecast," Cunliffe said.

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