Gas price increase is a big shock for the UK economy.

Danger of self-fulfilling dynamics in wage-cost nexus.

We cannot declare victory against second round effects, but we are entering recession.

We have tried to re-anchor expectations, give more realistic view of where bank rate is heading.

There is more to do, we need to raise rates to tighten monetary policy.

We are not going to be moving at a pre-defined pace at every meeting.

At some point, we need to think about broader economic outlook.

Should not put housing market on a pedestal as an economic driver.