BOE’s Cunliffe: Expect gradual tightening of policy

BOE deputy governor Jon Cunliffe: is now testifying before the British Parliament’s Treasury Select Committee, with the key comments found below.

Output surveys point to subdued activity in the near-term.

Outlook of course will be materially affected by Brexit outcome.

Strong Q3 growth probably reflects a recovery of weakness.

But does not contain much information about the future.

Forward-looking indicators are largely reflecting Brexit uncertainties.

Expects gradual tightening of policy.