(This story corrects headline and lead to show Broadbent was talking about rate guidance, not hikes in May 15 story.)
(Reuters) - Bank of England Deputy Governor Ben Broadbent said in an interview on Tuesday with the Telegraph that the central bank will not “spoon feed” markets with meeting-by-meeting guidance on interest rate hikes.
He said he has no time for complaints from the City of London, a top global financial center, about the level of forward guidance the bank gives.
"Our communication is mainly addressed to the wider public," Broadbent told the British newspaper. "Their (the City's) job is to put themselves in our shoes. We all have the same data.” (bit.ly/2wJ56dJ)
Broadbent’s defense of how the central bank issues forward guidance follows the BoE holding interest rates steady on Thursday with Governor Mark Carney saying a rate hike was likely to happen before the end of the year if all went well.
Broadbent also said Britain’s economy was in a slowdown in growth and wages comparable to a lull at the end of the 19th century, when the steam era had peaked but the age of electricity had not yet begun, the Telegraph reported on Tuesday.
Today’s economy could be experiencing a similar trough as it passes the boom of the digital era and awaits the next big breakthrough, possibly with artificial intelligence, Broadbent said.
There was a division in opinions over what has caused Britain’s current slowdown, which has lasted for nearly a decade and resulted in poor growth and stagnant wages, according to the central banker.
Reporting by Ismail Shakil in Bengaluru; Editing by Lisa Shumaker