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Mann asked on wage-price spiral and why not more urgency

BOE
  • Mann says if expectations are realised in 2022 we end up with strong for longer. The exercises do not turn it into a wage-price spiral dynamic. Reiterates that those expectations need to be monitored.
  • Mann asked if we have reached the point where international trade adds to prices in the future (rather than the previous dynamic of making things cheaper)? Says important to look at international goods prices through a couple of lenses. First when China entered the WTO. Will
  • Mann asked why not more urgency. Says economy still smaller than pre-pandemic and not returned to its pre-Covid trend. The participation ratio in the labour market is lower than pre-pandemic, still look for them to come back to the labour force - although that is a challenge. Consensus expects growth to slow in 2022. Also inflation is coming from international factors and energy. If BOE tried to offset those right now there would be a very, very big hit to businesses. BOE's mandate says it should not add to volatility so have to consider the sources of inflation. Says she does have a sense of urgency but has a sense of urgency for factors she thinks she can affect and the surge in goods prices is not one of them.
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