Sterling has retreated from early gains after the Bank of England cut United Kingdom growth forecasts and warned households' disposable income will decline next year, while the Monetary Policy Committee (MPC) voted to hold rates at 0.25%.
The numbers added to a run of weak data which, along with deep uncertainty about the impact of Brexit on the economy, have cooled the speculation that the BoE is poised to start removing its crisis-level stimulus.
The timing of a rate hike has been complicated by the weakness in growth in the British economy.
"The speed limit of the economy has slowed", he said on Thursday.
"Monetary policy can only do so much".
Perhaps some had seen the BOE raising rates.
Despite the decision not deviating from expectations, sterling suffered sizable losses relative to majors including the dollar and the euro as the Bank lowered its forecasts for growth in the current and following years.
But the bank also said that a response to above-target inflation and domestic price pressures will be needed.
A protester holds up Bank of England Governor Mark Carney mask outside the bank as it staff begins a three day strike over pay, in the City of London, Britain, August 1, 2017.
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The Bank also downgraded its growth forecasts for the United Kingdom, from 1.9% to 1.7% for this year, and said growth would then slow to 1.6% in 2018, down from its previous 1.7% projection.
The vote was 6-2 for no change to the interest rate, which is now at a record low.
There was a 6-2 vote for the decision which was in line with consensus forecasts from a 5-3 vote at the previous meeting.
Since then one of the dissenters, Kristin Forbes, has left the central bank.
Ian McCafferty and Michael Saunders considered it appropriate to increase bank rate by a quarter point.
This pointed to a sustained increase in business activity across the United Kingdom service sector, the survey compiler said, though the rate of expansion remains relatively subdued.
"Brexit even overshadows consumer borrowing, which the Bank has lately sounded anxious about".
"Brexit downside risks are larger than the MPC can formally acknowledge, which keeps the bar for a pre-2019 rate hike high, in our view", analysts at the bank said in a note to clients. £78 billion has already been lent to banks through the scheme.
However, most of the economic data released over the past month has disappointed and Mr Haldane ultimately voted to keep rates on hold this month.
Firstly because consumer prices slipped from 2.9% to 2.6% in June, suggesting that the central bank may need to assess whether prices will ease further, after topping out in May. "If we can't do it when inflation is above target, when unemployment is at its "natural rate" and when growth is reasonable, I don't know when we're going to do it", he said.