• Level of output likely to remain weak
  • Hard to judge how inflation will evolve in medium-term, sizeable risks in both directions
  • Cannot be sure what big risks will materialise, determined to keep CPI close to target
  • UK recovery will be supported by monetary policy, rebalancing towards exports
  • Risk consumer spending will slow given fiscal contraction, household indebtedness
  • BOE has not been pressured by foreign central banks to avoid QE. BOE would not be swayed by foreign criticism
  • Biggest risk we face is from external environnment
  • Exports have not picked up as we thought they might
  • Hope G20 will give cooperative message rather than those of recent days and weeks
  • Should not be nervous that there is a range of views on MPC
  • Every member believes there will be modest recovery
  • UK housing is not top of list of worries, world economy is at top