I judge that the current policy stance is clearly accommodative.

While not prejudging what I or the MPC might decide on monetary policy – a modest rise in rates would still imply that considerable stimulus remains in place, helping to support output and jobs.

At the MPC’s most recent meeting, in March, I voted for unchanged policy, especially on the grounds that it would be useful to see a bit more economic data for early 2017. I am not going to announce today how I will vote at the May meeting. There is plenty of data still to receive, and insights to be gained.

I do not believe the MPC is necessarily obliged to delay any policy moves until we have certainty over the exact shape of Brexit and its long-run effects on the economy. We make our decisions from meeting to meeting, and will fulfil our remit during the Brexit process and after it. Any policy decision carries risks that subsequent events make the decision controversial, but that is always the case.