BoE's Pill: "I stand ready to act – if necessary – to contain the lasting components of any new inflationary pressures so as to deliver on the MPC’s price stability mandate over the medium term"

"The fog of uncertainty in which we always operate cannot be an excuse for inaction. Uncertainty is always present (perhaps especially so of late), but the task of monetary policy makers is to provide clarity on their pursuit of the price stability objective in that uncertain world." "...given the lags in monetary policy transmission and the immediacy with which direct and indirect effects influence CPI inflation, there are limits to what the MPC can do to dampen volatility arising through these channels at shorter horizons." MPC is focused on second-round effects.