LONDON (Reuters) - Britain’s economy is neither worsening nor showing signs of strong growth, Bank of England chief economist Spencer Dale said in a newspaper interview published on Friday.
“For most people, if you ask them what’s happening to business conditions now, the adjective I hear is ‘it’s sort of flat’. Things aren’t going downwards, but likewise we’re not yet seeing any signs of very strong growth,” he told the Yorkshire Post.
Dale has been the most hawkish of the current Monetary Policy Committee members. In July he was one of only two policymakers to oppose increasing the central bank’s asset purchase target to 375 billion pounds and this month he voted with the majority against another round of quantitative easing.
“At some point in the future, and I think this will be a quite considerable time in the future, based on our current forecasts, we will start to reverse QE,” he said.
He added that discussion on the MPC at the moment was “intense” as nobody could be sure of the precise course needed to hit the central bank’s 2 percent inflation target.
Reporting by David Milliken and Olesya Dmitracova