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BoE's Tucker on monetary policy and stability

In a speech on 'Monetary policy, stability and structural change' given on 1 March, Paul Tucker of the Bank of England said that excess demand in the UK economy was expected to boost inflation over the next few years.

In the speech Tucker says, "either there have been some fairly profound changes in our economy or we have been blessed by extraordinary good luck over the past decade or so".

He highlights that inflation has been less variable and changes in inflation have been less persistent than

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