Bank of England (BoE) Governor Andrew Bailey is delivering his remarks on the policy outlook and responding to questions from the press following the bank's decision to hike the policy rate by 50 basis points to 1.75%.

Key takeaways

"Inflation that is concentrated on essentials hits those on lowest incomes the hardest."

"If we don't bring inflation back to target, things will get worse for those who are least well-off."

"Alternatives to not raising interest rates are even worse, in terms of persistent inflation."

"We see upside risks to inflation over next year, risks are balanced after that."

"Very important that we have moved away from a framework of predictive forward guidance."

"Notwithstanding slowing demand, our agents tell us that businesses feel they can raise prices to meet higher costs."

"I don't think critics have a point when they say BOE is slamming on the brakes at the wrong time."

About Andrew Bailey (via bankofengland.co.uk)

"Andrew Bailey previously held the role of Deputy Governor, Prudential Regulation and CEO of the PRA from 1 April 2013. While retaining his role as Executive Director of the Bank, Andrew joined the Financial Services Authority in April 2011 as Deputy Head of the Prudential Business Unit and Director of UK Banks and Building Societies. In July 2012, Andrew became Managing Director of the Prudential Business Unit, with responsibility for the prudential supervision of banks, investment banks and insurance companies. Andrew was appointed as a voting member of the interim Financial Policy Committee at its June 2012 meeting."