Bank of England (BoE) Governor Andrew Bailey is delivering his remarks on the policy outlook and responding to questions from the press following the bank's decision to hike the policy rate by 75 basis points to 3%.

Key takeaways

"Rates on fixed term mortgages should not need to rise as they have done."

"This downturn dampens domestic inflationary pressure."

"MPC will not pursue a path that we think will drive inflation far below target."

"MPC does not follow the market."

"Publication of constant rate forecasts do not mean MPC expects to keep bank rate constant either."

"Regardless of path of bank rate, MPC judges risk to inflation projections skewed to upside."

About Andrew Bailey (via bankofengland.co.uk)

"Andrew Bailey previously held the role of Deputy Governor, Prudential Regulation and CEO of the PRA from 1 April 2013. While retaining his role as Executive Director of the Bank, Andrew joined the Financial Services Authority in April 2011 as Deputy Head of the Prudential Business Unit and Director of UK Banks and Building Societies. In July 2012, Andrew became Managing Director of the Prudential Business Unit, with responsibility for the prudential supervision of banks, investment banks and insurance companies. Andrew was appointed as a voting member of the interim Financial Policy Committee at its June 2012 meeting."