Bailey speech: This period of higher inflation is likely to be temporary

Following the Bank of England's (BoE) decision to leave the policy rate and the Asset Purchase Facility unchanged at 0.1% and £895 billion, respectively, BoE Governor Andrew Bailey is delivering his remarks on the policy outlook.

Key quotes

"Unemployment is not expected to rise materially in the near term, but there is a high degree of uncertainty."

"MPC notes that CPI will be below 2% target at end of the forecast period, will probably fall a little further beyond that point."

"This period of higher inflation is likely to be temporary."

"I would caution against views on the scale of the increase in bank rate that would be likely to push inflation below target."

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."