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UK Recovery Somewhat Sooner Than BoE's View, Says Haldane

Bank of England Chief Economist Andrew Haldane said recent indicators suggest that the economic recovery has been somewhat sooner and materially faster than the bank assessed in May.

The alphabet that best describe the path of the economy is 'V'. "It is early days, but my reading of the evidence is so far, so V", he said.

Haldane said risks to the economy remain considerable and two-sided.

In May, the monetary policy committee observed that the balance of risks to the outlook was skewed to the downside. However, Haldane said subsequent positive news on demand more than counterbalanced the rise in downside risks to employment.

The banker observed that risks to the outlook are slightly more evenly balanced than in May, if still with a downside skew.

At the June meeting, Haldane was the only member who voted against the expansion of quantitative easing.

Haldane said the MPC is ready to adjust monetary policy if needed to support the economy and bring inflation back to its target on a sustainable basis.

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