Into the Q&A
- All MPC members are committed to discharging their duties whatever the Government
- Bank can react more rapidly than other institutions
- This meeting is part of our communication
- Bank can meet any time and make a decision
- We will still have to wait until the August inflation report forecasts
- Won't comment on current level of sterling
- Currency needed to find a new level
- Does not comment on whether UK will see a recession
- BOE will react, we are not fatalistic
- There's merit to taking policy action as soon as possible
- We will discuss which tools we may choose (again, this sounds like rate cuts are not going to be the goto choice)
- Easing is not just about the bank rate (There you go, see my comment above)
- The options are not just what the BOE used in the last crisis
- If we decide on stimulus it will have to be as useful as possible
- Bank is dealing with an uncertainty shock to the economy
- Will not resign if Brexit members come into power
- BOE did its job of indentifying the risks
Cable holding below 1.33 means the line has been drawn.
End of questions
