Word transitory for inflation was becoming overused.

We have two-sided risks to our inflation forecast.

Important not to suggest there's a difference in view on MPC about level rates need to reach, as opposed to the pace.

I'm not just concerned about wage-setting but price-setting too.

There is very clearly an upside risk to the UK inflation from second-round effects.

If we get second-round effects, we will need to react with higher interest rates.

Higher interest rates will raise unemployment and slow growth.

Those less well-off in society will lose out more from higher inflation and unemployment.

I am not saying people should not take pay rises, point was about large pay rises.

If everyone tries to get ahead of inflation, we will get second-round effects.