BOE's Bailey: Beginning to see evidence of growth slowdown

Bank of England (BOE) Governor Andrew Bailey noted on Monday that they are beginning to see evidence of a slowdown in the UK's economic growth, as reported by Reuters.

Additional takeaways

"In the UK and elsewhere, we are facing a very large shock to aggregate income and spending."

"Unfortunately, there is more to come on inflation shock."

"Shock from energy prices this year will be larger than in any single year in the 1970s."

"There are risks in both directions for outlook."

Market reaction

The GBP/USD pair showed no immediate reaction to these remarks and was last seen losing 0.3% on a daily basis at 1.3148.