The Bank of England's chief economist has said the government's mini-budget, which led to the pound falling to a record low against the dollar, will require 'a significant monetary policy response'.
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The Bank of England's chief economist has said the government's mini-budget, which led to the pound falling to a record low against the dollar, will require"a significant monetary policy response". Speaking at the International Monetary Policy Forum, Huw Pill reasserted the Bank of England's willingness to act to rein in inflation.
"I think it's hard not to draw the conclusion that all this will require a significant monetary policy response. Let me leave it there," he said.Recent market conditions have created"additional challenges", he added.Mr Pill described Monday's announcement from the Treasury, which committed to a further, costed fiscal announcement in November with the oversight of the Office of Budget Responsibility and a spring budget, as"helpful".
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