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Bank of England chief economist says pound slump will ‘require significant response’

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The Bank of England’s chief economist has said that slump in the value of the pound will require a “significant monetary policy response”.

Speaking at a conference on Tuesday, Huw Pill said there had been “significant market consequences” following the chancellor’s announcement of tax-cuts on Friday.

In a statement to Barclays-CEPR International Monetary Policy Forum, Mr Pill tried to reassure those present that the Bank of England had a watchful eye on current events.

“In the Monetary Policy Committee, we are certainly not indifferent to the repricing of financial assets that we have seen,” he said.

“I want to reassure that the MPC has a very good understanding of its mandate to maintain price stability and its remit to bring inflation to its 2 per cent target,” he continued.

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However Mr Pill acknowledged that “these are quite challenging times for pursuing that target”.

More to follow…

Source: Independent

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