Bailey speech: How long policy needs to be restrictive depends on incoming data

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

"We need to get the balance of policy right."

"We need to keep policy sufficiently restrictive for sufficiently long, nothing more, nothing less."

"How long policy needs to be restrictive depends on incoming data."

"Continuation of trade disruptions are upside risk to inflation projection."

"About two-thirds of peak impact from higher rates on economy has now come through, up from about half in November."

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."