- 1% bank rate is not a trigger, it is a point for consideration
- Should not assume that if we get to 1% in the next few months, that BOE will automatically sell gilts
- I cannot give guidance on how gradual gilt sales will be
- Key question is how much churn in labour market leads to people going into more productive jobs
- We need a rebalancing of monetary policy and BOE is in the vanguard of this
That's an interesting point on labour market churn. If workers get higher wages -- but are also more productive -- then it's not necessarily inflationary.
