BoE's Taylor says everything changed at the beginning of March after the Iran conflict abd says BoE February forecast is effectively obsolete because it did not include the energy shock

The economy is moving into a position of slack. Probably correct to expect a need for interest rate hikes under BoE's scenario C outlook. Some tightening has happened relative to where BoE was in February. Have a very weak economy being hit by an inflationary supply shock, and there are big trade-offs for us to consider. Thinks UK is probably effectively about 100 basis points above the neutral rate at the moment. When asked about CPI inflation data, says it is still early days.