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Good evening. It’s a pleasure to be here at Leeds University Business School and I’d like to thank the university, the school, and the organizers for making this event possible. This is my first speech as an MPC member, so it’s fitting that I’m giving it here in Leeds, back home in Yorkshire. I stand here only a few miles from where I was born in Wakefield and from where I grew up in a small mining village. While I’ve spent most of my adult life living and working in the United States, I’ve returned to the UK regularly and retained a keen interest in the UK economy. For me it is an honour and a privilege to be engaged in public service at the Bank of England and to contribute to UK monetary policymaking. Today I want to set out how I see the UK economy currently, how we got here, and the outlook for inflation and monetary policy. While it is informative to know where we have come from, naturally my focus is mainly on where we are going next, not least given the usual lags in the transmission of monetary policy. But the past is not silent; and in macroeconomics, it is the only laboratory we have. Evidence from the past, joined with theory, informs my view of the future and hence how to set policy. And today, I want to try to take some insights from economic history – from both the recent and more distant past. To be up front, my view is that we’ve made it to the last half mile on inflation, but with the economy weakening, it’s time to get interest rates back toward normal to sustain a soft landing. To make my case, I’ll want post: BOE'S TAYLOR: IT’S TIME TO GET INTEREST RATES BACK TOWARD NORMAL TO SUSTAIN A SOFT LANDING. post: BOE'S TAYLOR: POLICY RATE IS STILL FAR ABOVE NEUTRAL. post: BOE'S TAYLOR: RISK OF DOWNSIDE ECONOMIC SCENARIO HAS CLEARLY BEEN RISING. post: BoE’s Taylor: Makes Sense To Cut Rates Pre-Emptively - We Are In The Last Half Mile On Inflation - Risks Around Inflation Have Shifted In The Last 12 Months https://t.co/tgcXBplR1x