Comments by BOE policymaker, Michael Saunders
- Unemployment to rise when furlough ends
- Furlough has helped to limit unemployment level
- Elevated unemployment would be a sign that UK has too much spare capacity
- That would push inflation back below target
- Sees factors that could cause a slow, incomplete recovery
That's a bit more of a dovish take on the outlook for the labour market, but we'll get a better idea if and when the government decides to remove the furlough program - currently set to run until the end of April at least.
The latest update by ONS reveals that roughly 20% of workers are still on furlough, which is the highest levels since June to July last year.