24 Jun 2014
BoE Carney's testimony: Shift from consumption to investment has begun
FXStreet (Łódź) - BoE chief points out that the shift from consumption to investment has begun but that the strength of the pound is not yet matched by improvements in competitiveness.
• The pace of interest rate increases is more important than the timing of initial hike, Carney stresses.
• Unemployment could fall to 5.5% from the current 6.8%, he predicts.
• MPC member Charlie Bean points out that in some sectors of the economy, such as construction, above-inflation pay rises have been observed.
• MPC member David Miles suggests that the recovery in the UK was slow due to the country's reliance on Europe as an export market.
• The pace of interest rate increases is more important than the timing of initial hike, Carney stresses.
• Unemployment could fall to 5.5% from the current 6.8%, he predicts.
• MPC member Charlie Bean points out that in some sectors of the economy, such as construction, above-inflation pay rises have been observed.
• MPC member David Miles suggests that the recovery in the UK was slow due to the country's reliance on Europe as an export market.