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Cunliffe Says Bank of England Must Be Ready to Tackle Risks

  • Deputy Governor says central bank has the tools necessary
  • Says surveys don't suggest pay growth recovery is coming soon
Jon Cunliffe.

Jon Cunliffe.

Photographer: Simon Dawson/Bloomberg
Updated on

Bank of England Deputy Governor for Financial Stability Jon Cunliffe said risks to the U.K. outlook have increased and policy makers must be ready to act if needed.

In a speech in London, Cunliffe said the global and domestic expansion has been weaker than he expected, pay growth will probably remain subdued and “deeper structural factors” may be at work. Still, his central view is for the U.K. economy to continue to grow “solidly” and for inflation to return to the BOE’s 2 percent target in the next few years.