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 4% in February.

Key takeaways

"BoE's forecast suggests inflation will come down, fall quite sharply."

"Inflation may not fall as forecast, we are in uncharted territory with inflation above 10%."

"Very high inflation could influence wage and price setting more than we assume in our main forecast."

"Inflation risks are more skewed to the upside than any time in MPC's history."

"It is too soon to declare victory just yet, inflation pressures are still there."

"We need to be absolutely sure we are turning the corner on inflation."

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."