BoE's Governor Bailey
- We will keep rates high enough for long enough to return inflation to target
- OFGEM price cap means we can be confident about energy bills lowering inflation
- It's important that services inflation falls steadily over next year
- There is a considerable way to go on quashing inflation
- Whether GDP growth is slightly negative or slightly positive won't impact monetary policy
- How long restrictive stance will be needed depends on incoming data
- We have to be mindful of balance of risks between doing too little and too much
- Events in Middle East create risk of higher energy prices
- We are making good progress on bringing inflation down
- Now some signs that the economy has started to grow more slowly, that's to be expected
The BOE today said GDP is expected to grow by 0.1% in Q4, weaker than projected previously.
