Analysts at Royal Bank of Scotland (RBS) note that two Monetary Policy Committee (MPC) members of BoE, Michael Saunders and Jonathan Haskel, surprisingly voted for a 0.25% Bank Rate cut last week.  

• “The rest supported leaving policy on hold; the first MPC split since June 2018.  The Bank of England’s Monetary Policy Report (formerly the Inflation Report) is cautious about the UK economic outlook, shaving it’s medium-term growth forecasts due to increased Brexit-related uncertainty and weaker global demand.
• Consumer spending is expected to remain resilient but the outlook for investment remains clouded by uncertainty. Still, the BoE’s probability of a UK recession in 2020 dropped to around 20%, from 30% three months ago.”