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00:00 So today we've increased bank rate by 0.25 percentage points to 5.25%.
00:07 Low and stable inflation is the foundation of a healthy economy.
00:11 High inflation hurts the least well off the most.
00:16 We expect inflation to take a further step down in the July data,
00:20 which will be published in two weeks time.
00:22 We think that will come down to around 7% at that point.
00:25 Followed by another larger step down in October's data,
00:28 which will be published in November,
00:31 to around about 5% on that basis.
00:34 The evidence has gone one way then gone a bit the other way.
00:38 So I don't think it is time to declare it's all over
00:42 and we're sticking where we are for the moment
00:44 because I think that really does sit at odds
00:48 with the fact that we've had some very big pieces of news
00:52 and they're not going in the same direction.
00:55 So I think we have to remain evidence driven.
00:58 We've continued to use language which we've used before,
01:01 which is to say, if we get more evidence of more persistent inflation,
01:06 then we will have to react to that.
01:09 But I'd finish this point by just emphasising the fact
01:12 that also there is no presumed path of interest rates from here.
01:17 And as I said in the opening remarks, and I'll emphasise again,
01:21 there is more than one path from here that delivers us back to the target.
01:24 - Hello.
01:25 Thank you.
01:26 [BLANK_AUDIO]