Comments by incoming BOE member John Haskel, as he testifies before the Treasury Select Committee on his appointment
- Changing inflation target would be ill-advised
- Effect of Brexit on UK economy is very uncertain
- MPC should keep a very close eye on developments
- Predicts outlook for consumer spending to be subdued
- Sees merit in issuing rate path expectations
- Agrees with the 'broad direction of travel' on BOE guidance on interest rates
- There are practical difficulties in giving rate path view
- Brexit, productivity are biggest risks to UK economy outlook
- Sees risks if BOE raises rates too quickly
- Widespread global trade war would be a concern
- Agrees with BOE's broad direction for interest rates
Haskel will be taking over from Ian McCafferty as one of the BOE's MPC members. His term will begin on 1 September. McCafferty of course is one of the more hawkish members as he is among the three dissenters calling for a rate hike in last week's BOE meeting.
Judging by his initial comments, it doesn't look like he's a like-for-like substitute for McCafferty and he looks to be more on the "on hold" camp if he were to be a voting member now as it would seem.
