Growth has slowed markedly over the last year, both overseas and here.

In the UK, the economy has barely grown since the first quarter of last year and the YoY growth in GDP has fallen below 1% for the first time since 2012

It probably will be appropriate to maintain an expansionary monetary policy and also to possibly cut rates further

Neutral level of interest rates may have fallen further over the last year or two

Monetary policy space is limited

Risk considerations favour a relatively prompt, aggressive response to downside risks

Most likely outlook is a further period of subdued growth

Brexit uncertainty may continue, weigh further on the economy