Bailey speech: Services inflation is still above a level that's compatible with on-target inflation

 Bank of England (BoE) Governor Andrew Bailey testifies on the November Monetary Policy Report (MPR) before the UK Parliament's Treasury Select Committee (TSC) on Tuesday. 

Key quotes

Services inflation is still above a level that's compatible with on-target inflation.

We need to watch services inflation very carefully, reflects labour market developments.

A gradual approach to removing monetary policy restraint will help us to observe risks the inflation outlook.

 

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Market reaction

At the time of writing, GBP/USD is trading at around 1.2630, down 0.30% on a daily basis.