A big jump in wages could add to British inflation which hit 2. In May, it had forecast a peak of 2. But the BoE said it still thought the jump in inflation would prove to be temporary. Deputy Governor Ben Broadbent said the forecast should not be read as a policy signal, and noted that inflation was below target in three years' time.
The BoE said it expected Britain's economy would grow by 7. The MPC is due to return to its full strength of nine members once it appoints a new chief economist.
Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox. Bank of England holds main rate at 0. Hauser, in a speech to the International Finance and Banking Society, said he expected the size of the BoE's balance sheet -- which reflects QE purchases, banknotes in issue and other market operations -- to vary as the BoE smooths out the economic cycle. Overall the size of the BoE's balance sheet would fall but remain larger than before, he added.
Hauser also said the scale of the BoE's intervention in March - when it restarted bond purchases to tackle market dysfunction as well as broader economic weakness caused by the pandemic - was not intended to set a precedent. Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox. Join over , Finance professionals who already subscribe to the FT.
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