BOE MPC member, Dave Ramsden, speaks in Inverness
- That will make further monetary tightening appropriate
- Says he is "a little more pessimistic" about GDP growth than latest BOE forecasts
- Does not expect investment will recover as much as BOE forecasts
- Sees more downside risks to UK productivity
- Interest rates could need to go up or down after no-deal Brexit
- Would want to wait and see before changing policy after no-deal Brexit
A bit more of a dovish take from Ramsden as he continuously mentions that he is gloomier on growth than the BOE consensus. Regardless, that pessimism is largely tied to Brexit issues and as long as that persists, whatever optimism may also be disregarded at this point.
There's nothing new from his remarks here on the BOE's current stance. Cable sits at 1.2624 currently, pretty much at flat levels on the day.
