MPC members on a media offensive
Surveys are not just about confidence but actual activity and jobs
We did not spend a lot of time considering whether our actions could hurt confidence in the economy
Sterling only saw a relatively small move after the announcement
BOE action do not send out a message of panic
The flexibility in the UK economy is not enough on its own to stop a slowdown
Is pretty confident BOE action will have some effect (only some?)
Doesn't think gap between BOE action and possible fiscal action in Autumn is material
He's doing a fair amount of justifying here, and that's not a sign of confidence.
