Recap of the BoE monetary policy decision - what surprised markets

The Bank of England Monetary Policy Committee meeting results as it happened in the links from here:

• Forexlive European FX News 17 Sep - Bank of England Bangs Pound lower

Earlier recap:

• Bank of England monetary policy meeting - recap (negative rates on the way but not yet)

Recap via Westpac (this in very brief):

• The last paragraph in the minutes discussing negative rates was a surprise for markets: "The Committee had discussed its policy toolkit, and the effectiveness of negative policy rates in particular, in the August Monetary Policy Report, in light of the decline in global equilibrium interest rates over a number of years. Subsequently, the MPC had been briefed on the Bank of England's plans to explore how a negative Bank Rate could be implemented effectively, should the outlook for inflation and output warrant it at some point during this period of low equilibrium rates. The Bank of England and the Prudential Regulation Authority will begin structured engagement on the operational considerations in 2020 Q4."

The prospect of further easing measures gave GBP a push lower following the meeting announcement, but as you can see the drop was not sustained: