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.
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