Better to stay restrictive longer

Bank of England (BoE) policy maker Catherine Mann said on Friday that “it is better to stay tight longer”.

Additional quotes

We can cut more aggressively later, once the inflation risk is contained.

There appear to be more upside risks to UK inflation.

The UK had a bigger impact on service prices.

He considered voting to cut rates in August, but wanted to avoid “boogie-dancing” on rates.

Market reaction

Despite the dour remarks from the BoE official, GBP/USD is struggling around 1.3300, up 0.12% on the day.