In a speech to the London School of Economics Dr Gertjan Vlieghe - an external member of the Monetary Policy Committee - examines the effects of debt, demographics and the distribution of income on growth and interest rates. In his first public speech since joining the MPC, Jan argues that these 3 Ds “are interacting powerfully to create an environment where a given level of growth might be consistent with substantially lower interest rates than in the past”. Jan explores these forces in turn and concludes by looking at the implications for UK policy. The 3 Ds in combination with the current outlook mean he continues to be “patient” about the need for a rate rise.
Published on 18 January 2016
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