The committee will require a sustained and significant deviation of such data to revise its forecast.
Growth is picking up and indicators are pointing to this continuing. This quarter, the Bank of England will be looking at the composition of growth, in particular whether consumption holds up.
King's comments are consistent with rates remaining on hold for the foreseeable future. House prices and consumer spending are picking up, while the service sector remains the engine of the economy.
With house prices still looking robust, the chance of the bank cutting rates is slim. They are not going to jeopardize the soft landing they achieved for the housing market last year.
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