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Bailey asked about BOE review

BOE

Bailey asked about what BOE's comprehensive review is focused most on and what types of issues.

Answer: Notes framework and target is set by Treasury in UK. References a speech in January from Carney. Notes that on communication in August there was pivot from QE to stronger forward guidance. With massive uncertainty there needs to be stronger evidence of a recovery - with the Philips curve how does it work with low inflation and very weak demand like we have now.

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