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Speech at Cbi Yorkshire and the Humber Annual Dinner

In this speech, Kate Barker, member of the Bank's Monetary Policy Committee, reflects on recent developments in the UK economy, and on current challenges for monetary policy. She notes that over the past few years the Committee's actions have successfully offset a series of negative external shocks so that, despite contrasting fortunes in different sectors, the economy in aggregate did not decline far below its trend level of output. Indeed, the latest evidence suggests that for many firms the future looks bright, with the external economic climate improving. Present concerns arise more from the domestic economy, chiefly the level of household debt and the housing market. She discusses the related risks, highlighting that these risks should be tackled consistently with the MPC's remit. This means responding to the implications for the inflation outlook, and not to house prices per se. She concludes that it is better for monetary policy to respond to changes in asset prices, than to attempt to impose a view of their correct level.