Inflation going up to 10% and falling afterwards is because energy and international goods prices are main factors.

We don't have a forex target or objective.

We are not focused on short-term reactions in markets.

There is an obvious risk of second round effects.

Arguments about balancing risks with rates are quite finely balanced themselves.

Monetary policy cannot offer a quick fix overnight.

Asked about what would cause the BOE to pause rates, Pill says we would want to see more evidence inflation expectations and wage and price setting and momentum in economy more consistent with target.

If we don't see that we will need to act further.