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18.10.2019, 07:40

BoE' Deputy Governors Ramsden sees scope for higher rates after Brexit deal

Bank of England Deputy Governor Dave Ramsden said he still saw a case for a gradual increase in interest rates if Britain manages a smooth departure from the European Union, maintaining a slightly more hawkish tone than some of his colleagues.

Britain's parliament is due to vote on Saturday on a new transition deal Prime Minister Boris Johnson agreed with Brussels, which would maintain existing trade arrangements for more than a year while longer-term trade barriers are discussed.

"The kind of guidance we've been giving - in the world ofa deal it still applies," Ramsden said.

"We're not saying over what timeframe, but limited and gradual (rate increases) is a reasonable qualitative framing," he added, referring to the BoE's longstanding guidance on rates.

Ramsden said he believed a transition deal could create some pick-up in investment and productivity if it brought clarity to businesses.

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