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- Bank of England Chief Economist says gangbusters U.K. economy may need less BOE support
Bank of England Chief Economist says gangbusters U.K. economy may need less BOE support
Bloomberg reports that according to Chief Economist Andy Haldane, the U.K. economy is “going gangbusters” at the moment and the Bank of England may need to consider turning off the monetary stimulus tap to keep inflation in check.
Haldane said it was “hard to find anything whose price isn’t going up at the moment” and it was important to stop any temporary blip in inflation from becoming embedded.
He added that it was important the U.K. didn’t become too dependent on “monetary medicine.”
“It is the case that growth across the U.K. is picking up a real rate of knots, going gangbusters actually the economy just at the moment, and that’s a great thing to see,” he said. There are “pretty punchy pressures on prices” he said, adding “that may mean at some stage, we need to start turning off the tap when it comes to the monetary policy support we’ve been providing.”
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