Carney’s speech: Modest tightening needed over forecast period

Below are the opening remarks by the BoE Governor Mark Carney's speech at the the post-meeting press conference:

   •  UK economy & inflation has been weaker - Q1 was temporary.
   •  Underlying growth is more resilient.
   •  Labour market reassuringly strong growth.
   •  Brexit drag on economy is not intensifying, is persisting.
   •  UK consumption seen growing at half pre-Brexit rate.
   •  Widespread evidence of tightening in labour market.
   •  Seen domestic inflation pressures strengthen.
   •  Modest tightening needed over forecast period.
   •  Uncertainties over Brexit cloud UK outlook.