Bailey asked on persistence and what restrictiveness means?

• A1: Points to no language changes - says will go from meeting to meeting and it will be a judgment about resilience. He says "nothing has really changed in terms of the economic news but we have become more confident" in the path. So will go on making further judgements about resilience.
• A2: Private sector pay tends to lead public sector pay. Also if you look at past behaviour on the increment to public sector pay, suggests an increment in inflation that is quite small second decimal places. Will have more info after the Budget.

Bailey asked what does restrictiveness mean?

• A: Said look at in a number of ways: How is growth compared to the potential of the economy? Path of growth suggests we are still below potential and a small output gap will be opening up over next few years. Have talked about r* quite a lot in the past, not of the view should provide quantitive number on that, but policy does appear to be above the neutral rate and "there is a way to go still". Have to monitor very carefully.