- BOE will not be rushed into action by off-target CPI
- will take longer view on inflation
- low UK inflation due to falling prices that may lower North Sea investment
- Eurozone stuck in deep recession
- ECB actions will have impact on UK. could affect UK monetary policy
Pound unphased. Ntg new here but a note of caution re ECB
GBPUSD 1.5133 EURGBP 0.7653
BOE’s Miles – No knee jerk reaction needed
