The Risk of Overshooting Core Inflation

There is a huge amount of pressure then on Andrew Bailey. Political pressure also on the government. I don't think it's an Andrew Bailey-specific issue. I think you could have put anyone in charge and they'd been in a very similar position. So for these reasons, they really ought to be a bit more cautious. Once you start lifting rates towards 6%, you're increasing the risk of hitting some sort of tipping point where you create a crisis rather than a soft landing. And the problem is you don't know when you're going to get them until you're there.