Bailey speech: We removed language that had upside bias on rates outlook

Andrew Bailey, Governor of the Bank of England, presents the Monetary Policy Report and responds to questions from the press following the Bank of England's (BoE) decision to leave the policy rate unchanged at 5.25%.

Key quotes

"Questions over official labour market data are posing challenges."

"Likely this year's questions for MPC are: "For how long should we keep bank rate at its current level?""

"Also: "Have inflationary pressures eased enough that we can begin to lower bank rate or not?""

"We have come a long way, that is good news, but we are not there yet"

"We removed language that had upside bias on rates outlook."

"Hope that lower inflation will influence expectations in real economy, but need to see evidence."

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."