More from the BOE's Pill: Bank rate at 1% is not a trigger for gilt sales

• 1% bank rate is not a trigger, it is a point for consideration

• Should not assume that if we get to 1% in the next few months, that BOE will automatically sell gilts
• I cannot give guidance on how gradual gilt sales will be
• Key question is how much churn in labour market leads to people going into more productive jobs
• We need a rebalancing of monetary policy and BOE is in the vanguard of this

That's an interesting point on labour market churn. If workers get higher wages -- but are also more productive -- then it's not necessarily inflationary.