Carney continues... Margin of slack estimated...>

BOE: Carney continues... Margin of slack estimated at around 0.5% of GDP, this

appears to be lying with companies as the labour market is near capacity. MPC

reviewed outlook for supply - judges productivity growth with pick up "only a

little" - as has been the case since the Global Financial Crisis.

- In MPC's projections: growth seen rising back to potential rates over time as

uncertainty regarding trade recedes.

- CPI inflation expected to remain 'notably' below target throughout 2020 and

well into 2021 due to utility bills, and as a result hits target at end of 2021

before rising slightly above target in early 2022.

- If the economy recovers broadly in line with projections, some modest

tightening of policy may be needed to sustain inflation target. Q&A begins.