BoE: Monitoring developments in financial markets very closely
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In a statement published on Monday, the Bank of England (BoE) said that they are monitoring developments in financial markets very closely in light of the significant repricing of the financial assets.
The BoE further noted that they welcome the government’s commitment to sustainable economic growth and to the role of the Office for Budget Responsibility.
“The role of monetary policy is to ensure that demand does not get ahead of supply in a way that leads to more inflation over the medium term,” the BoE said. “As the MPC has made clear, it will make a full assessment at its next scheduled meeting of the impact on demand and inflation from the government’s announcements, and the fall in sterling.”
With the initial reaction, the GBP/USD pair fell sharply and was last seen trading at 1.0686, where it was down 1.5% on a daily basis.
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