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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

"We need to get the balance of policy right."

"We need to keep policy sufficiently restrictive for sufficiently long, nothing more, nothing less."

"How long policy needs to be restrictive depends on incoming data."

"Continuation of trade disruptions are upside risk to inflation projection."

"About two-thirds of peak impact from higher rates on economy has now come through, up from about half in November