Bank of England Governor (BOE) Andrew Bailey is testifying on policy and inflation outlook before the Lords Economic Affairs Committee.

Key takeaways via Reuters

"I do not think the scale of QE has blurred the distinction between monetary and fiscal policy."

"There has been no discussion with the government on the pace and timing of BOE asset sales."

"UK labour market has turned out to be much more constrained than we thought, different to other countries."

"QE was never intended to raise revenue for the UK government."

"Paying bank rate on boe reserves is the simplest way to pin down interest rates in line with BOE goals."

"No monetary policy reason to change reserve remuneration."

Market reaction

GBP/USD edged higher in the last hour and was last seen gaining 0.45% on the day at 1.2010.