Meeting Results at 12:00BST

• There is no urgency for the MPC to act at its meeting this week. QE is set to continue until the end of the year and rate cuts have been talked down in recent weeks by MPC members with the Bank's preferred marginal tools comprising of QE and forward guidance. Financial markets, too, are benign with no sign of gilt markets beginning to become more dysfunctional as they did back in March – auctions and buyback operations are still passing by without revealing too much stress.
• We will be watching: 1) The vote split (expected unanimous but risks of Saunders and/or Haskel voting for more QE). 2) Many MPC members have pointed to downside risks - these were already mentioned in the August MPR - will they be more explicit now? 3) Discussion of the labour market.
• The elephant in the room continues to be Brexit. After gaining little mention in August, the topic has once again moved up the agenda while negotiations and the Internal Market bill have increased financial markets' focus on this issue recently. It is extremely unlikely that at this stage the BOE will explicitly change its assumptions away from stated government policy but there is a chance the risks are discussed.

For the full MNI BOE Preview including a summary of analysts' views see: https://emedia.marketnews.com/MNI_BoE_Preview_-_Sep20a.pdf