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LONDON, Feb 9 (Reuters) - Bank of England Governor
Andrew Bailey and other BoE officials spoke to lawmakers on
Thursday, a week after the central bank raised borrowing costs
for the 10th time in a row but suggested that its run of
interest rate hike might be close to an end.
Below are quotes from Bailey and his colleagues in a
question-and-answer session with parliament's Treasury
Committee.
BAILEY ON PERSISTENCE OF INFLATION
"We are concerned about persistence (of inflation) and
that's why, frankly, we raised interest rates this time... I am
very uncertain particularly about price-setting and wage-setting
in this country. We have got the largest upside skew in our
forecasts that we have ever had on inflation."
BAILEY ON PAY DEMANDS
"What I would urge is that - particularly going forwards
because we think inflation is going to fall very rapidly - that
is taken into account."
"We've seen pay settlements, in particular in the private
sector, are higher than consistent with the target, but not at
the level of inflation."
MONETARY POLICY COMMITTEE MEMBER SILVANA TENREYRO
"In my view, yes, rates are too high right now."
"Unless there is another big development that we don't know
about - and we have a massive energy shock or something that is
not on the cards - then I think they fall in inflation is pretty
much guaranteed."
CHIEF ECONOMIST HUW PILL ON POLICY TIGHTENING
"It's crucial to see it through, that we do enough to
address potential upside risks to inflation."
(Reporting by William Schomberg, Suban Abdulla, and Sarah
Young; editing by William James)
Reuters Messaging: william.schomberg.reuters.com@reuters.net))
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