BoE's Tucker on financial system developments

In the speech 'A perspective on recent monetary and financial system developments' given on 26 April Paul Tucker of the Bank of England suggested that UK interest rates are nearing levels at which they will really cut into economic activity.

Tucker said monetary conditions are 'edging towards being restrictive' so long as inflation falls back in the near term.

'That has been appropriate given the degree of pricing power apparently emergent in conditions of high capacity utilisation among firms,'

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