Comments from Bank of England MPC member McCafferty

  • Market is expecting three hikes over three years
  • We need to hike because growth is strong and inflation is above target
  • Rates will have to go up gradually
  • We will be watching data and making decisions on month-by-month basis
  • We'd like to get rates to a place where we could cut if it became required

More to come as he takes questions from the public on the radio.