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Q: Will the next move be down rather than up? What will it take for a cut?

BOE

  • Bailey: Have set out in the report that the risks to inflation is to the upside. That conditions our view. Looking at the stories that underlie - tightness in the labour market, evidence on pay, services inflation - that's what we look at. Whatever measure you look on pay, it's too high. Still look for this to come down, but going to take some time.
  • On what it takes for cut: Need to see inflation coming down to 2%. We've made quite a bit of progress but we're still not there yet,
  • Ramsden: Surprises to inflation have been from services. That has remained sticky. Do think that will come down but the risks remain to the upside.
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