• to leave QE at GBP 175 billion and interest rates unchanged at 0.5% at their meeting earlier this month.
• MPC members who had wanted a bigger QE rise in August still felt justified but agreed to stick with the plan. Lack of big news in the mid-term also outweighed any change.
• World economic data was generally stronger than had been expected at the time of the August inflation report.
• Construction and Industrial Output data also suggested further upward revision was likely to Q2 UK GDP.
• Near term downside risks to the economy were smaller and CPI could be higher than expected in the short term.