Bank of England (BoE) Chief Economist Huw Pill and policymaker Jonathan Haskel are testifying before the UK Treasury Select Committee alongside Governor Andrew Bailey.

Key takeaways from Pill's remarks

"We are now seeing some signs of loosening in the labour market data."

"I would expect some margin of economic slack to emerge that serves to contain inflationary pressures."

"There is substantial further monetary policy tightening still to come through as a result of lags in policy transmission."

"There is no room for complacency."

"MPC continues to be watchful for signs of greater persistence in inflationary pressures."

"I anticipate an extended period of weakness in the UK economic activity."

"Seeing weak outlook for the productive potential of the UK economy."

Meanwhile, BoE policymaker Jonathan Haskel said that he sees considerable upside risks to the inflation forecast and added that the uncertainty around inflation should be met with forceful policy action.

Market reaction

The GBP/USD pair showed no immediate reaction t these comments and was last seen trading at 1.2130, where it was up 0.5% on a daily basis.