Bank of England's Vliegh writes in the Financial Times
Gertjan Vliegh was the lone dissenter in the Bank of England decision to hold rates unchanged last week.
He argues that the only reason not to have cut earlier in the year was to wait-and-see if growth was restrained because of referendum uncertainty. Now that the uncertainty has turned into a Brexit, there is no reason to expect better growth or higher inflation.
On his dissent and outlook, he wrote:
"It was therefore clear enough to me already that we would not return inflation to target sustainably without further monetary policy action. I favoured an immediate interest rate cut, to be supplemented by a package of additional measures in August. What precisely that package should look like will have to be discussed over the course of the next three weeks."
