BOE's Mann: It's premature to use the term 'stagflation'

If we see rising energy prices and slowing sales, then in some sense we are already in stagflation but it's premature to use this termI am not going to predict a recessionKeeping inflation under control may mean rates need to go up a little bitThings will be worse if inflation gets out of controlUK facing a very significant cost of living squeezeNeed to look at balance sheet when considering if changing it is an important part of monetary stance