Speaking before the Treasury Select Committee, Bank of England (BoE) Governor Andrew Bailey warned that while the direction for interest rates remains downward, there is “considerably more doubt” over how quickly cuts can be delivered. He added that risks to inflation have risen, even as he voiced more concern than his colleagues about the potential hit to jobs.

Key Quotes

Risk on inflation has gone up.
But I'm more concerned about downside job risks than MPC who voted to keep rates on hold.
Causes of UK inflation hump aren't due to fundamentals in UK economy.
I think path for rates will continue to be downwards.
There is considerably more doubt on how fast we can cut rates.
Market pricing suggests my message has been understood.
Upward risks to UK inflation come from supply side.