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BoE's Cunliffe: Can afford to wait until there is "clear evidence" of faster pay growth before raising rates

Bank of England Deputy Governor Jon Cunliffe recently delivered a speech to the Oxford Economics Society, with key quotes, via Reuters, found below.

Can afford to wait until there is "clear evidence" of faster pay growth before raising rates.

Voted against raising rates due to "not immaterial risk" that domestic inflation pressure will undershoot MPC forecast.

Some historic relationships between economic variables "have gone on a longish leave of absence."

Brexit impact uncertain, BOE can only respond to what it sees in economy now.

Domestic inflation pressure low, sterling depreciation not causing 2nd-round effects and inflation expectations average.

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