BoE's Broadbent: Highly uncertain when UK economy returns to full capacity

Bank of England (BoE) Deputy Governor Ben Broadbent is delivering his remarks on the state of the economy and the policy outlook at the Treasury Select Committee hearing.

Key quotes

"It is highly uncertain when the UK economy returns to full capacity."

"Furlough scheme has stopped a big expansion in spare capacity in the UK labour market."

"We take our inflation remit very seriously at all times."

"We look at many measures of inflation expectations, these do not on average point to an expectation of above-target inflation."

"We will continue to watch inflation expectations very carefully."

"Inflation expectations are not at a level that would worry us."

"We will consider the implications of next week's budget in may forecasts."

Market reaction

The GBP/USD pair showed no immediate reaction to these remarks and was last seen losing 0.11% on the day at 1.4094.