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23.11.2021

BoE's MPC member Haskel: We should see rise in rates above "emergency levels" being symptom of recovery

Jonathan Haskel, a member of the Monetary Policy Committee (MPC) at the Bank of England (BoE) said on Tuesday that much of the recent increase in the UK's inflation is attributable to such global factors as imported goods prices and energy costs, and he expects that much variation in inflation to be transitory.

He also noted that the latest data continues to indicate a tight labour market, putting upward pressure on wages. This, in Haskel opinion, is excellent news from a living standards point of view, but from an inflation point of view, this has to be matched by increased productivity. So, the BoE's policymakers have to be "vigilant" about rising labour costs, he added.

Haskel also noted the path of interest rates is upwards. We should see rise in rates above "emergency levels" being a symptom of the recovery, he said.

If monetary policy is too accommodative, the policymaker noted, the BoE may have a problem with second-round inflation effects and it is trying to be vigilant to understand if the labour market is persistently tight. We need to see clear evidence of both a recovery in the size of the economy and on strength of the labour market before raising rates, he concluded.

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