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Vlieghe speech: No adjustment to policy needed before his term ends in Aug (2/2)

BOE
  • "Tightening too soon would be a worse mistake than tightening too late, given that monetary policy space for easing is limited. So even if the economy recovers more strongly than in our central projection, I think removal of monetary stimulus is unlikely to become appropriate until well into 2022."
  • "Even a small amount of persistent labour market slack would be enough to keep wage pressure too low, and therefore inconsistent with inflation returning sustainably to target. In such a scenario, I judge more monetary stimulus would be appropriate, and I would favour a negative Bank Rate as the tool to implement the stimulus. The time to implement it would be whenever the data, or the balance of risks around it, suggest that the recovery is falling short of fully eliminating economic slack, which might be later this year or into next year"
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