Bank of England chief economist says there’s still ‘some work to do’ fighting inflation – as it happened

Chief Economist and Executive Director for Monetary Analysis and Research at the BOE, Huw Pill. Photograph: Suzanne Plunkett/Reuters

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Closing post

Time to wrap up… here are today’s main stories:

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Sam Woods: Last 12 months have been a rough ride

Sam Woods, the head of the Bank of England’s Prudential Regulation Authority, will tell City bigwigs tonight that it has been “a rocky year” for the banking sector.

The last 12 months have seen the failures of Silicon Valley Bank and Credit Suisse, Woods will tell attendees at a banquet at Mansion House tonight,

But Woods will also argue that the past 15 years of financial reform have been “a success story”.

He will argue:

We have built a regime that can withstand shocks including bank failures without falling over.

Nonetheless we must learn as we go along and there remains much to be done – and I hope I have managed to explain how our various reform strands fit together. These are about completing the mission we were set after the 2008 crisis, rather than fundamentally re-thinking regulation.

Looking ahead, we must remain alert. It’s been a rough ride over the last 12 months but we come through it stronger.

Here’s an interview we conducted with Woods last month, where he talked about the intensity of recent times.