Andrew Bailey, Governor of the Bank of England, presents the Monetary Policy Report and responds to questions from the press following the Bank of England's (BoE) decision to leave the policy rate unchanged at 5.25%.

Key quotes

"Questions over official labour market data are posing challenges."

"Likely this year's questions for MPC are: "For how long should we keep bank rate at its current level?""

"Also: "Have inflationary pressures eased enough that we can begin to lower bank rate or not?""

"We have come a long way, that is good news, but we are not there yet"

"We removed language that had upside bias on rates outlook."

"Hope that lower inflation will influence expectations in real economy, but need to see evidence