Bank of England (BoE) Chief Economist Huw Pill and policymaker Jonathan Haskel are testifying before the UK Treasury Select Committee alongside Governor Andrew Bailey.

Key takeaways from Pill's remarks

"We have to be prepared to see through policy tightening, to address potential upside risks to inflation."

"There is a danger of over-steering on rates, given lags in transmission."

"But we do need to be alert to inflation persistence, look at price- and wage-setting."

Market reaction

The GBP/USD pair continues to stretch higher during the European trading hours and it was last seen rising nearly 0.7% on the day at 1.2153.