BOE Quarterly Bulletin now out

  • The balance sheet positions of mortgagors have improved modestly over the past year.
  • Household spear a little better placed to cope with a rise in interest rates than a year ago and survey responses do not imply that a rise in rates would have an unusually large impact on spending
  • The survey results suggest that the Government's plans for fiscal consolidation are likely to continue to weigh on household spending

The words "modestly" and a "little" better belie the headline

Carney and Co still have good reason to be cautious

GBPUSD suitably unfazed at 1.5155 EURGBP 0.7260

Full Bulletin from the BOE site here