Bank of England Governor Andrew Bailey comments on the monetary policy as he testifies before the UK Treasury Select Committee on Wednesday.

Key takeaways

"UK labour market remains very tight as the latest data show."

"Still likely we will increase interest rates further."

"Most of the UK-specific risk premium in markets has gone, but not zero."

Market reaction

The Pound Sterling is losing some interest following these comments. As of writing, the GBPUSD pair was trading at 1.1865, where it was up only 0.05% on a daily basis.