- BoE's chief economists Haldane: Main challenge over next 3 years for MPC is likely to continue to be assessing ongoing effects of the Covid crisis
Market news
20 July 2020
BoE's chief economists Haldane: Main challenge over next 3 years for MPC is likely to continue to be assessing ongoing effects of the Covid crisis
- Expects inflation to pick up next year
- Notes greater than usual uncertainty in outlook
- Long-term economic scarring inevitable
- Inflation is likely to fall further in the 2nd half of the year in part due to effects of ongoing weaker demand
- There is a risk unemployment could rise sharply to levels last seen in early 1980s
- Says that reviewing and doing negative rates are "quite different things"
- There is also work underway on other potential instruments available to MPC for example further rounds of QE, credit easing policies and forward guidance
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