We report on the analysis of a ~60 ksec XMM observation of the bright, narrow emission line quasar PG 1211+143. Absorption lines are seen in both EPIC and RGS spectra corresponding to H- and He-like ions of Fe, S, Mg, Ne, O, N and C. The observed line energies indicate an ionised outflow velocity of ~24000 km s^-1. The highest energy lines require a column density of N_H ~ 5 x 10^23 cm^-2, at an ionisation parameter of log(xi) ~ 3.4. If the origin of this high velocity outflow lies in matter being driven from the inner disc, then the flow is likely to be optically thick within a radius ~130 Schwarzschild radii, providing a natural explanation for the Big Blue Bump (and strong soft X-ray) emission in PG 1211+143.
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