Adding further to comments made earlier while testifying before the UK Economic Affairs Committee, Bank of England (BoE) Governor Andrew Bailey noted a firm confidence that the UK's central bank is on pace to achieve inflation targets.

Key highlights

• Inflation to come down to target by spring.
• What happens to inflation in spring will not determine monetary policy stance.
• Market demand for UK debt is strong, has been strong since the start of the year.
• BoE Bailey's earlier statement: Short-term equilibrium interest rate has probably gone up.