"In my baseline scenario the time for cutting Bank Rate remains some way off. I need to see more compelling evidence that the underlying persistent component of UK CPI inflation is being squeezed down to rates consistent with a lasting and sustainable achievement of the 2% inflation target before voting to lower Bank Rate."

Full speech here.

BOE: Pill: "The time for cutting Bank Rate remains some way off"

Last updated at:Mar-01 14:03

"In my baseline scenario the time for cutting Bank Rate remains some way off. I need to see more compelling evidence that the underlying persistent component of UK CPI inflation is being squeezed down to rates consistent with a lasting and sustainable achievement of the 2% inflation target before voting to lower Bank Rate."

Full speech here.