LONDON (Reuters) - The upturn in Britain's economy could be self-sustaining, but considerable slack in the labour market means monetary policy needs to remain loose, according to Bank of England policymaker David Miles.
"The recent rise in activity and confidence in the UK could be - I believe - sustainable and self-confirming," Miles wrote in a chapter for an e-book on forward guidance.
"What the self-confirming and stronger path for output and confidence does not need right now is tighter monetary policy."
It was not immediately clear when the chapter was written.
Data on Friday is expected to show Britain's economy grew by 0.8 percent in the third quarter compared with the April-June period, its strongest growth in more than three years.
(Reporting by Christina Fincher; editing by William Schomberg)
- Bank of England
- monetary policy
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