BoE's Cunliffe: Softer Q1 activity was driven by poor weather

Haresh Menghani FXStreet

Below are some of the key highlights from the BoE MPC member, and Deputy Governor Financial Stability, Jon Cunliffe's speech in Kendal.

• A significant drop in activity in Q1 looks to have been largely an aberration.
• That was driven by poor weather.
• The likely overall picture is of an economy expanding around or a little above its potential rate of growth.
• The balance of evidence suggests that the growth path remains broadly intact.
• Latest wage data does not signal strongly that pay growth will make the next step to establish itself in 3% territory.
• Need a little more confirmation at each stage that the supply side is evolving as per forecast.
• Brexit creates very material uncertainties for the UK economy.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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