Bank of England (BoE) Governor Andrew Bailey responds to questions from the UK parliament's Treasury Select Committee (TSC) about the central bank's May Monetary Policy Report.

Key takeaways

"Fiercely committed to not having group-think on MPC."

"Gas prices already 10% lower than factored into May forecasts."

"We do have a challenge in how we communicate."

"Private sector wages are not growing faster than we thought."

"At top level, no sign of profiteering in food sector."

Market reaction

GBP/USD stays on the back foot following these comments and was last seen losing 0.5% on a daily basis at 1.2376.