The Adam Smith Institute's Head of Policy, Ben Southwood, was quoted in a City AM article, arguing that the Bank of England made "the right choice" to hold policy.

Read the article here.

"Ben Southwood, head of policy at the Adam Smith Institute, says that it's "the right choice" as the path of aggregate demand - measured by nominal GDP growth - as the current trend is "just about where we'd want it".

It would "certainly be inappropriate to tighten policy now", says Southwood, as nominal wages growing at just 1.4 per cent annually suggests there is still considerable slack in the labour market."