easy to envisage other scenarios requiring opposite response

sterling would likely appreciate after a smooth Brexit, which would limit inflation pressure

will need a small amount of tightening over next 3 years after smooth Brexit

before voting for rate hikes, need to be confident of demand growing faster than supply, increase in domestic inflation pressure

i suspect UK economy ended 2018 with some amount of spare capacity

supply in UK has been growing in line with demand over past couple of years, if not slightly faster

trade tensions, US tariffs on china are biggest drivers of global slowdown