Into the Q&A

  • All MPC members are committed to discharging their duties whatever the Government
  • Bank can react more rapidly than other institutions
  • This meeting is part of our communication
  • Bank can meet any time and make a decision
  • We will still have to wait until the August inflation report forecasts
  • Won't comment on current level of sterling
  • Currency needed to find a new level
  • Does not comment on whether UK will see a recession
  • BOE will react, we are not fatalistic
  • There's merit to taking policy action as soon as possible
  • We will discuss which tools we may choose (again, this sounds like rate cuts are not going to be the goto choice)
  • Easing is not just about the bank rate (There you go, see my comment above)
  • The options are not just what the BOE used in the last crisis
  • If we decide on stimulus it will have to be as useful as possible
  • Bank is dealing with an uncertainty shock to the economy
  • Will not resign if Brexit members come into power
  • BOE did its job of indentifying the risks

Cable holding below 1.33 means the line has been drawn.

End of questions