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Bank of England's McCafferty talks of slowing economy: attendees of business conference
September 20, 2017 / 1:11 PM / a month ago

Bank of England's McCafferty talks of slowing economy: attendees of business conference

Ian McCafferty, Monetary Policy Committee member of the Bank of England speaks during a Reuters interview at the Bank of England in London February 24, 2014. REUTERS/Suzanne Plunkett

LONDON (Reuters) - Bank of England policymaker Ian McCafferty talked on Wednesday about a slowing British economy, according to two people who attended a private business conference where he spoke.

McCafferty addressed a private event hosted by the Builders Merchants Federation in Hinckley, a town in central England.

“Ian McCafferty (BoE) predicts ‘slow-motion economic slowdown’ over next 3yrs, nothing spectacular. Probs about 1.5% growth PA,” attendee, Mark Mallinder, marketing director at EH Smith Builders Merchants, said on Twitter.

The BoE last month forecast economic growth of 1.7 percent for 2017 and 1.6 percent in 2018.

“Balancing inflation & economic capacity will push interest rates up sooner rather than later predicts Ian McCafferty (BoE),” Mallinder added.

Another person who attended the meeting, former member of parliament Andy Sawford, wrote on Twitter about the presentation by McCafferty: “Two trends: growth slowed after Brexit. Clearly seeing inflation.”

Reuters could not verify the accuracy of the comments as the event was closed to the press.

The Bank of England declined to comment.

McCafferty is one of two members of the nine-strong Monetary Policy Committee who have been voting for an interest rate hike in recent months.

Reporting by Andy Bruce; Editing by William Schomberg

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