MNI BRIEF: BOE Should Hold Policy Levels For Now - Greene

Preliminary results from the Bank of England's agents' pay survey, published before the February meeting, show wage settlements rising by 3.5%, Bank of England Monetary Policy Committee member Megan Greene said on Tuesday.

That suggests "monetary policy should be more restrictive than otherwise ... we might not be meaningfully restrictive in our monetary policy stance."

The BOE published alternative scenarios with endogenous rate paths for the first time at its MPC meeting this month, and "interestingly all but one of these rules suggested a prolonged hold in interest rates is appropriate," Greene said at a UBS conference. "There are a bunch of uncertainties around the domestic economy," she said, suggesting weak demand could be caused by fears of inflation persistence.

Data Tuesday, including wages growth  showed what the Office for National Statistics called a "weakening labour market'.