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Bank of England's Vlieghe sees greater risks for economy

Bank of England's Vlieghe sees greater risks for economy
FILE PHOTO: A man walks past the Bank of England in the City of London, Britain, February 7, 2019. REUTERS/Hannah McKay/File Photo -
Hannah Mckay(Reuters)
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LONDON (Reuters) – Bank of England interest rate-setter Gertjan Vlieghe said on Tuesday that risks to the economy had deteriorated since the British central bank published its most recent forecasts in May.

“The news since May I think has been, both in the data has been a little disappointing and in terms of both the global downside risks and the domestic downside risks my read is that they have both intensified,” Vlieghe said.

He was responding to a question about whether he agreed with some of his colleagues who had said rates might need to rise faster than investors expect.

Vlieghe told a discussion panel at the National Institute of Economic and Social Research that he would have expected the British economy to be gathering speed were it not for global trade tensions and continued uncertainty about Brexit.

(Writing by William Schomberg; editing by Kate Holton)

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