Ben Broadbent accepted that the economy had slowed less than forecast but played down positive figures
RICHARD POHLE FOR THE TIMES
The Bank of England will be less “data dependent” when setting interest rates in future because Brexit is likely to dent medium-term growth, even if the weakness does not show up in the short term, according to Ben Broadbent, the deputy governor.
Britain has weathered the shock of the European Union referendum far better than expected, but the real damage will come from companies delaying investment decisions amid uncertainty about long-term trading arrangements, Mr Broadbent told The Times. As a result, rate decisions will be influenced increasingly by judgment rather than hard data.
http://www.thetimes.co.uk/edition/business/we-cannot-rely-on-data-the-brexit-effect-is-coming-says-bank-deputy-0k8swfk07