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

"I don't think ill-health is the main reason why people have left the labour market."

"Main difference between BOE and IMF forecast is IMF expects UK growth to pick up faster after this year."

"Private-sector wage settlements have been higher than we expected in November."

"Pay settlements will be very important for future inflation and BOE policy."

"We are hearing from businesses that consumers are becoming more resistant to higher prices."

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."