GBP Edges Higher as BoE Policymakers Testify Before UK Treasury Select Committee

The British Pound (GBP) experienced modest gains of over 0.08% on Tuesday as Bank of England policymakers testified before the UK Treasury Select Committee.

BoE Governor Andrew Bailey stated that the UK is not 'on the verge of a recession', citing solid latest data and a softening jobs market due to declining hiring rates.

Other BoE members, including Alan Taylor, suggested maintaining 'moderately restrictive' interest rates as insurance, while David Ramsden noted relatively benign domestic inflation.

The Monetary Policy Committee appears split on the next steps for UK monetary policy, with expectations of a 86% chance that the Bank Rate will be held steady in September 17.