Bank of England governor Andrew Bailey says there is "genuine uncertainty about the course of the direction" of interest rates, despite today's cut and his belief that the path will continue downwards. Report by Brooksl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
00:00There is, however, genuine uncertainty now about the course of that direction of rates.
00:07I'll be honest with you, the point I was making is that I think the path has become more uncertain because of what we're seeing.
00:16We're telling a story here, really, that we've got an upside risk, which can be more directly mapped into inflation.
00:25It goes to the previous two questions, actually, but we've got a downside risk, which, of course, gets to inflation via weaker activity, weaker labour market story, and we are balancing those two risks.
00:37Now, I think the path has become more uncertain, but I don't think, I certainly have not changed my view on the overall sort of, if you like, direction of the path.
00:47It's a question of how uncertain it is and therefore over what course, over what period of time it takes.
