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

"Economy is more resilient, I would not use words like 'pain' to describe policy impact."

"We hope we can deliver the path we expect with no recession, we will have to see."

"June interest rate rise was passed pretty much in full to sight deposits, unlike before."

"Public should feel they can shop around for deposit interest rates, transparency is important."

"Latest news on pass-through of rates to deposits is encouraging, but I can't say it's done."

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.