"It’s hard to avoid the conclusion that fiscal easing announced will prompt a significant and necessary monetary policy response in November,” Bank of England Chief Economist Huw Pill said on Thursday, as reported by Reuters.

Additional takeaways

"We will come to our more complete assessment in November."

"I recognise that, as of today, November might seem a long time away but monetary policy needs to be framed on a more considered or lower frequency basis."

"Inflation target is a lens through which we view recent market developments."

"MPC commitment to achieving the inflation target is unwavering."

Market reaction

GBP/USD preserves its bullish momentum after these comments and was last seen rising more than 1% on the day at 1.1045.