RUSHES: Bank of England press conference

Bank of England press conference; ENGLAND: London: Bank of England:INTClare Lombardelli (Deputy Governor for Monetary Policy, Bank of England), Andrew Bailey (Governor of Bank of England), Katie Martin (Head of Media and Stakeholder Engagement) and Dave Ramsden (Deputy Governor for Markets and Banking) press conference question and answer session SOT Q: You've often talked about the UK being an open economy, and that leaves it a little vulnerable toexternal shocks, but at the moment, do you feel like the challenges to growth, the questions aroundthe path of inflation are being primarily driven by domestic factors entirely?And just to tag on to the end of that. Today we've got the implementation of lots of tariffs fromPresident Trump. The last time we spoke about this, you said obviously it was good that the UK andthe US had a deal, but what mattered for the UK was the global trade environment. Now we havequite a lot more information about what that looks like. How is that changing your perspective onwhat it means for the British economy? Thank you.Andrew Bailey (Governor of Bank of England) answering question SOT A: Yes, actually, interestingly, you've almost answered the question. It is interesting because, obviously there is an enormous amount of news coming from the world economy in the broadest sense of the term, and uncertainty, as assessed is high. It's not probably not quite as high as it was in May, but it's elevated by any normal level. Obviously, you know, we've got tariff levels that are, it's not over, obviously, as we know from even what's been happening in the last 24 hours, but I mean, they are they are settling, if we can use that phrase at all, at higher levels than, in certainly in for a long time in history.But you're right that and this is a little bit of the, of the repeat of what we had in May, but it'spossibly more so, actually, that having spent a lot of time, obviously, in the committee deliberatingboth o...