Bank of England (BoE) Governor Andrew Bailey speaks on the policy outlook and responds to questions from the press following the decision to lower the policy rate by 25 basis points (bps) at the February meeting.

Key quotes

"There was quite a debate about the word "careful"."

"We continue to use "gradual" because we still need to see disinflation take place."

"You can conclude productivity has got much worse."

"It would be unusual for poor productivity situation to remain."

"Government growth agenda will not come through quickly but we are supportive."

"Government being committed to long-term structural reforms will help confidence."