breaking news BOE’s Bailey: We expect inflation to decline rapidly this year

• We have a very tight labor market (Bailey)
• Substantial further monetary policy tightening is yet to come (pill)
• There’s no room for complacency (pill)
• Anticipates a long period of weakness in economic activity in the United Kingdom (Pill)
• Economic theory shows that inflation uncertainty should be fought with more forceful action (Haskel)

There’s nothing new here and I wouldn’t expect any surprise remarks from the BOE today. They already leaned more dovishly in their latest policy decision last week and will certainly do so as the economy shows further signs of slowing in the months ahead.