• BOE chart shows annual GDP growth around +1.9% in 2 years assuming market rate path (down from +2.0% in August report)
  • BOE chart shows CPI at around +1.8% in 2 years assuming market rate path (up from +1.7% in August report)
  • Euro zone poses greatest threat to sustained UK recovery, stronger productivity also needed for growth
  • Underlying UK growth likely to remain sluggish in near term, below average through to end 2015

Growth data/comments have underminned cable which is down at 1.5865.

200 dma well-noted at 1.5851.

  • Short-run inflation outlook higher, medium-term outlook little changed since August
  • Risk of CPI being above or below 2% target “broadly balanced” in 2nd half of forecast period