• Still below average growth levels
  • If individual MPC members expect inflation above knock out level they can then judge guidance no longer applies
  • Consumption growth broadly in line with consumer growth
  • Sees a lag in business investment picking up
  • Does not expect a material increase in borrowing as economy recovers
  • Low rates for long time can produce long term stability problems.
  • Guidance “knock out” level aimed at addressing those risks

In amongst that cable hit a low of 1.5206 and then steamed back up to 1.5372. Now at 1.5342.