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Bailey asked on whether higher unemployment is a price worth paying

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Bailey asked on lower growth and higher unemployment next year and if it's a price worth paying?
  • He says there is uncertainty on the exact level of unemployment but it is likely to be around 4% which is very low historically. Bailey then says the way monpol works is partly through output gaps. Ramsden adds that everyone on the MPC still views it as necessary to have some degree of restrictiveness at the moment.

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