and then reverts to MPC minute script by saying
- “no immediate need” to tighten when unemployment falls to 7%
- must allow economy to grow strongly for some time
- MPC must avoid choking off recovery
- inflation pressures diminshing but strong GDP growth not guaranteed
- output growing too slow to support rapid real wage increases and big fall in unemployment
Being understandably cautious and sticking to the script by and large
GBP little changed