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%.
"Inflation that is concentrated on essentials hits those on lowest incomes the hardest."
"If we don't bring inflation back to target, things will get worse for those who are least well-off."
"Alternatives to not raising interest rates are even worse, in terms of persistent inflation."
"We see upside risks to inflation over next year, risks are balanced after that."
"Very important that we have moved away from a framework of predictive forward guidance."
"Notwithstanding slowing demand, our agents tell us that businesses feel they can raise prices to meet higher costs."
"I don't think critics have a point when they say BOE is slamming on the brakes at the wrong time."