• Bank of England's Pill says ample reason for caution in assessing the dissipation of inflation persistence.
• Bank of England's Pill says need for such caution points to a gradual withdrawal of monetary policy restriction.
• BOE's Pill says further cuts in bank rate remain in prospect but it will be important to guard against the risk of cutting rates either too far or too fast.
• BOE's Pill says I remain concerned about the possibility of structural changes sustaining more lasting inflationary pressures.