Comments from the BOE's Gertjan Vlieghe:
- Need to ensure growth not slowing and broad range of inflation indicators before rate rise
- Upward wage pressures 'surprisingly absent' so far
- UK economy may not return to pre-crisis average growth
- Real interest rates much lower than before, for a given growth rate
- Patience needed because monetary policy can't respond as quickly to bad news as to good news
Dovish stuff. Cable hasn't responded to the headlines but it's back to flat at 1.4258 after rising as high as 1.4322 in early European trade.
