BOE’s Ramsden is speaking and says:
BOEs David Ramsden focused on Inflation
- we will take necessary steps to get inflation back to target
- we are acutely aware of impact of rate rises so far
- today’s PMI consistent with UK economy being in recession
- we have to take account of the fall in value of the pound
- says a strong has been relatively stable of late
- temporary expanded collateral repo facility will hopefully have a role, not called on yet
- I was reluctant to go down bond purchase route
- not clear that problems and energy markets posed a systemic risk, but hedging strategies were coming under real strain
