• If we see rising energy prices and slowing sales, then in some sense we are already in stagflation but it's premature to use this term
• I am not going to predict a recession
• Keeping inflation under control may mean rates need to go up a little bit
• Things will be worse if inflation gets out of control
• UK facing a very significant cost of living squeeze
• Need to look at balance sheet when considering if changing it is an important part of monetary stance