Watch: Bank of England governor Andrew Bailey takes questions from MPs

Watch as Bank of England governor Andrew Bailey answers questions from the House of Commons' Treasury Committee on Tuesday 20 February.

Figures released this week show the rate of inflation (CPI) remained steady at 4 per cent in January – despite many economists forecasting an increase.

This has led to heightened speculation that the Bank of England may consider cutting interest rates from the summer.

MPs are likely to ask witnesses, including Mr Bailey, about the future path of inflation, whether risks of over-tightening monetary policy have increased since the November forecast, and their views on the future of wage growth.

The committee is sitting on the same week that the UK’s biggest banks are set to report record-high profits after a year that saw lenders benefit from higher borrowing costs.

Barclays, HSBC, Lloyds and Standard Chartered will report their financial results for 2023, on Tuesday, Wednesday, Thursday and Friday respectively.

On Friday, NatWest revealed its biggest yearly profit since 2007, before the global financial crisis, and a fifth higher than the previous year.