• 2015 CPI cut to 1.4% vs 1.7%
  • inflation rate likely to fall below 1% within 6 months but sees 2% target at end of 3-year forecast period
  • 2015 GDP forecast cut to 2.9% vs 3.1%
  • 2016 GDP cut to 2.6% vs 2.8%
  • surveys point to subdued growth
  • forecasts based on market expectations for Oct 2015 initial rate hike
  • pace of rate increases to be gradual
  • global growth outlook has weakened
  • UK outlook weaker, sees downside risks from Eurozone, upside risk from US
  • sees income growth and foreign demand underpinning economy
  • MPC has wide range of views on level of slack

Full report here

I don’t see anything GBP positive in this overall