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Haskel non-committal on timing of rate rise

BOE
BOE's Haskel highlights. Pretty non-commital on timing in the whole speech. Note that he is considered to be one of the most dovish MPC members. Little market reaction to his comments.
  • "In my view, the prospective rise in Bank Rate from its emergency level – whenever that comes - is not a bug, but a feature. It reflects the success of fiscal, health and science policy in dealing with worst economic shock in 100 years."
  • "You will know that the November MPR suggested that if the economy proceeds to recover rates will rise. It is worth having some perspective on that rise."
  • "Much of the variation in inflation is due to global factors such as imported goods and energy prices. I expect much of that variation to be transitory"
  • "As we have seen much of the inflation problems of the 1970s were due to changes in commodity prices and the long drawn-out response of wages relative to productivity to such changes. The latest data continues to indicate a tight labour market, putting upward pressure on wages. From a living standards point of view, this is of course excellent news, but from an inflation point of view this has to be matched by increased productivity and so we have to be vigilant."
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