BoE’s Ramsden: I would not rule out having to raise bank rate further in the future

Bank of England (BoE) Deputy Governor for Markets and Banking, Dave Ramsden, is testifying on the November Monetary Policy Report (MPR) before the UK’s Parliament's Treasury Select Committee (TSC) on Tuesday.

Key quotes 

I continue to characterise my approach to monetary policy as being watchful and responsive.

A restrictive policy stance is likely to be warranted for an extended period of time.

I would not rule out having to raise bank rate further in the future.

Speed limit of the UK economy is low now.

Low speed limit increases chance of above-target inflation.

We are very clear in distancing ourselves from market rate expectations.

Surveys of households and businesses are consistent with anchored inflation expectations.

Market reaction

GBP/USD was last seen trading at 1.2537, up 0.28% on the day.