Real risks around reaching 2% inflation target, Bailey sayspublished at 13:17 British Summer Time
The Bank is still committed to producing the forecast inflation rate of 2%, Bailey says, but he accepts that there are "real risks" around achieving that target.
Clare Lombardelli, one of Bailey's deputies, adds that the Bank is moving away from the forecast being the "central input into the process". She adds that the forecast still remains a "very good baseline" for discussions on what the Bank does.