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BOE: Taylor: Uncertainty has widened; saw 2-sided risks to 25bp cut decision Feb

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  • Taylor: "My personal view, though, different from the monetary policy report, would be that we probably have a bit more of that of an output gap than we have in the report. We had very big negative news between November and February, and I would have put more of it into the output gap, but we put most of it into supply. So that's a point of difference. So overall, that said to me, that backdrop, we should still be normalising policy gradually. But as I said in November, the risks to me were to the downside."
  • "I saw both upside and downside risks, but I weighed them up kind of evenly, and thought we can stay on this gradual path. I saw no strong reason to hold no one else did, and I saw no strong reason to go for 50."
  • "Uncertainty has only widened, widened from November up until the February vote, and then from the February vote until up until now. Even in the last three or four days, it's widened considerably. So therefore, I think we do need to be attentive to all signals going forward. And as far as I can see, every meeting coming up for the MPC will be a live meeting. "
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  • Taylor: "My personal view, though, different from the monetary policy report, would be that we probably have a bit more of that of an output gap than we have in the report. We had very big negative news between November and February, and I would have put more of it into the output gap, but we put most of it into supply. So that's a point of difference. So overall, that said to me, that backdrop, we should still be normalising policy gradually. But as I said in November, the risks to me were to the downside."
  • "I saw both upside and downside risks, but I weighed them up kind of evenly, and thought we can stay on this gradual path. I saw no strong reason to hold no one else did, and I saw no strong reason to go for 50."
  • "Uncertainty has only widened, widened from November up until the February vote, and then from the February vote until up until now. Even in the last three or four days, it's widened considerably. So therefore, I think we do need to be attentive to all signals going forward. And as far as I can see, every meeting coming up for the MPC will be a live meeting. "