BoE’s Haskel: Economic inactivity will hold UK growth back

The Bank of England’s Monetary Policy Committee has the tools and the resolve to return inflation to target in the medium term according to statements and remarks by policymaker Jonathan Haskel on Thursday.

These remarks did nothing to help the British pound find demand and the GBP/USD pair was last seen losing 1.25% on the day at 1.1185.

Key Quotes

“We welcome the usual close involvement in the budget process of the OBR.”

“Government is right to stress the importance of economic growth.”

“A sidelined Office for Budget Responsibility (OBR) generates more uncertainty by worsening everyone’s information base.”

“Changes in labour force participation are emerging as the key economic legacy of covid in the UK.”

“Rise in economic inactivity will hold UK growth back.”