ITV News - So obviously rates have been held today. And the Federal Reserve and the European Central Bank have raised rates in the last week. Is the Bank of England in danger of missing the boat again leaving households exposed to higher inflation than they need to see? Governor Andrew Bailey - Well we obviously spend a lot of time thinking through this very carefully. And we think there are two things that we focus on. One is the direct impact of energy prices and obviously the impact of what we're seeing in the Gulf. And that has obviously had a serious effect, and it continues to do so. And then we have to look at how that is feeding through into general inflation and the economy. It's still early days.
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