Bank of England (BoE) Governor Andrew Bailey is delivering his remarks on the policy outlook and responding to questions from the press following the bank's decision to hike the policy rate by 50 basis points to 1.75%.
"We would have had to raise interest rates in double digits last year to fully offset current inflation, causing far deeper recession than now forecast."
"Parts of UK economy are still going forward strongly, including in job market."
"Pass-through of BOE rate rises has been faster to borrowers than to savers so far."
"Important that savers receive the return they should."