UK recovery in Q3 is a little bit ahead of expectations

The economy can be viewed as glass half-full or half-empty

Labour demand is weak, unemployment is higher than reported number

Investment is also very weak, but housing market is strong

We will do everything we can to support the UK economy

We have looked very hard at scope to cut rates further

That includes negative interest rates

Concluded that negative rates should be in the toolbox

We do not intend to take any action to tighten policy until there is very clear evidence of significant progress to achieve 2% inflation target sustainably

Like the Fed, BOE is flexible in returning inflation back to its target