- Indecision about joining BOE due to squaring up role in Canada and organising family issues on the move.
- Needs to look at ways to exit current monetary strategy
- Being grilled on remuneration package. £250k relocation package. Says he just took what was on offer.
- One of the challenges as BOC gov was tackling the jobs sector, loss of skills and the fall out from the same US probems.
So far nothing to warrant the moves in cable as he hasn’t gone into any definitive detail on his views on policy. It’s just been general chatter.
- Obvious differences in policy decision making between BOC and BOE which he hopes to adapt to easily.
- Looking at many ways to target the level of prices to allow greater flexibility.
- Will not be operating a “zero failure” policy at the bank over large institutions.
- Current vision of the BOC is to provide price stability to the people of Canada. New procedures and pressures placed on BOE need to be integrated and that a clear vision is established moving forward.
Keep in mind that any changes to the role of the BOE have to be approved and initiated by the Chancellor so any talk on such at this meeting should not be taken as written in stone.
- Not interested in changing traditions of BOE and will leave such decisions to others.
- Holds same BOE policy view over inflation as at BOC. BOC holds 5 yearly reviews of policy conditions.
- Needs to know flexibility in time given to return inflation to target.
- Looking forward to MPC meetings and happy to be outvoted.