Structural forces unrelated to monetary policy are likely to keep rates low

BOE unlikely to be able to cut rates as it did in the previous downturn

BOE analysis rules out taking rates into negative territory

Does not believe that a recession is overdue

Not much room for the UK gilt yields to fall much further, so more QE unlikely to provide much more stimulus.

BOE firepower is less than before previous recessions.

If you change BOE 2% inflation target, could create higher perceived risk that it will be changed again in future.

Helicopter money could put central bank independence at risk.