A couple of key comments make this a very dovish report
This addition;
"The MPC's objective is to return inflation to target sustainably; that is, without an overshoot once persistent disinflationary forces ultimately wane"
This;
"The path for Bank Rate implied by market yields, on which the MPC's projections are conditioned, has fallen and now embodies an even more gradual pace of tightening than at the time of the previous Report"
They've gone heavy on the warnings and the first comment is both a mixed message. It gives them scope to keep rates low while inflation is low yet gives a hawkish message that they will be watching for any signs of inflation heating up quickly
Wage growth forecasts have been brought lower for the year and the BOE is not buying into the stronger data seen this month
GBPUSD has been down to 1.5276 and is likely to remain soft going into the inflation report presser. It's going to be hard to see how Carney can counter the headlines with any talk so look for further weakness if he elaborates on these headlines
Update: Strike 3 for dovish comments is the first rate hike assumption being push back to Q1 2017 from Q2 2016
