• Have revised down my medium-term growth outlook
  • Stigma of using BOE’s discount window has largely been resolved
  • Disruptions from euro zone crisis poses greatest risk to UK recovery
  • If economy needs more stimulus, would look to boost bank credit flow to give some support

Elsewhere BOE’s Miles:

  • Cutting bank rate not attractive while QE still effective
  • Very substantial risks that demand stays weak
  • There was unanimous support on MPC for measures to bring down funding costs