Bank of England Governor Andrew Bailey said on Monday that the GDP figures for the fourth quarter of last year do not change the overall story of the British economy, noting that the issue of whether supply or demand is behind the economic weakness in the UK will take some time to resolve.
Additionally, the Bank of England Governor made the following statements:
The impact of U.S. trade tariffs on inflation is more ambiguous compared to its effect on growth, especially if they lead to the fragmentation of the global economy. The Bank of England still sees a continued decline in price growth. The economic context does not really support the view that we will see more stability in inflation rates. Encouraged by Federal Reserve Chair Powell, he stated that he expects the United States to implement "Basel 3.1" rules.
