- We have a very tight labour market (Bailey)
- There is substantial further monetary policy tightening still to come (Pill)
- There is no room for complacency (Pill)
- Anticipates an extended period of weakness in UK economic activity (Pill)
- Economic theory shows inflation uncertainty should be met with more forceful action (Haskel)
There isn’t anything new here and I wouldn’t expect any surprise remarks from the BOE today. They have already leaned more dovishly in their latest policy decision last week and that will certainly be the case as the economy shows further signs of softening in the months ahead.