Comments from Bank of England MPC member Ben Broadbent:
- UK output in Q3 strong so far
- Cannot be confident recovery can continue at this rate
- Happy with central MPC forecast, sees acceleration in productivity and gentle fall in unemployment
- UK faces unusually uncertain outlook for potential output, right to focus on indications of economic slack
- Surveys suggest private sector growing at 5% rate, may be an overestimate
- Faster jobless drop would support a rethink on stimulus
- No unconditional promise to keep rates fixed for a particular length of time
Cautiously upbeat. The MPC is in wait-and-see mode and for the time being, the pound looks like it wants to see more evidence of better growth before making any further gains.
