Boost from lower oil prices is still to come – BOE’s Weale

FXStreet (Mumbai) - The renowned Bank of England (BOE) policy maker and a hawk Martin Weale, in his speech in London, said that the positive economic impact of lower oil prices is still to come.

Weale added that impact of the oil price fall on prices will fade away by early 2017. He also believes that the monetary policy committee (MPC) should look through short-term shocks to the UK economy and focus on two year horizon. On rates going up in future, Weale said Reacting to shock would mean unwanted output fluctuation.