• Some MPC members thought more QE might well become warranted in due course with some saying outlook had worsened
• Others saw inflation risks more balanced mid-term, risk that inflation may fall slower than projected
• Overall MPC saw little change of risk balance for UK growth, inflation, sees some recovery in H2 2012
• All agreed that given uncertainties there was little merit in changing path of asset purchases at December meeting
• Worst risks from euro crisis not materialised yet, but danger reflected in bank funding strains, market volatility
• MPC gathering evidence on QE impact, increase in monthly rate of buys difficult due to market capacity
• Surveys suggest broadly flat output in Q4/2011 and H1/2012