Bailey speech: I don't think there was a case for a 50 bps rate rise today

Andrew Bailey, Governor of the Bank of England, comments on the policy outlook and responds to questions from the press following the Bank of England's (BoE) decision to hike the policy rate by 25 basis points to 5.25% in August.

Key quotes

"Unemployment remains historically very low."

"We had some unpleasant surprises in June, we have seen some of that turn round."

"I don't think there was a case for a 50 basis points rate rise today."

"Not time to declare it's all over and we are sticking where we are on rates."

"There is no presumed path for interest rates from here."

About Andrew Bailey

Andrew Bailey previously held the role of Deputy Governor, Prudential Regulation and CEO of the PRA from 1 April 2013. While retaining his role as Executive Director of the Bank, Andrew joined the Financial Services Authority in April 2011 as Deputy Head of the Prudential Business Unit and Director of UK Banks and Building Societies. In July 2012, Andrew became Managing Director of the Prudential Business Unit, with responsibility for the prudential supervision of banks, investment banks and insurance companies. Andrew was appointed as a voting member of the interim Financial Policy Committee at its June 2012 meeting.