Translation: Our forecasts were wrong so I’ve found a convenient excuse.
Other comments:
- Will consider eurozone and global economy when setting rates
- Will explore effects on inflation of exchange rate, commodity prices more fully in Nov forecasts
- Margin of spare capacity in UK economy is small, being used up quickly
Sounds like a hawk who’s trying to climb down from the nest.
Cable is getting absolutely beaten up again, quickly down to 1.5900 and nearing the earlier low of 1.5875.
