HULL (MNI) – Bank of England Deputy Governor Charles Bean
downplayed the importance for policy setting of the robust third quarter
GDP data, which showed growth of 1% on the quarter.
Bean said as a policymaker he had learnt not to put too much weight
on any single piece of data, and there was not as much good news in the
GDP figures as there appeared if they were taken at face value.
In a question and answer session following his speech here Bean
also warned of the risk of things unravelling in the Euro area and he
said further integration was required there if it was to survive.
In his speech Bean argued against cancelling any of the gilts the
BOE has bought through its stg375 billion quantitative easing programme,
and said it should continue to buy or sell gilts depending on the
economic outlook.
–London Bureau tel.: +44 7 862 7491 e-mail: drobinson@marketnews.com
[TOPICS: M$$BE$]