Q: Can you give us more guidance on why BoE.....>

BOE: Q: Can you give us more guidance on why BoE dropped 'limited and gradual'.

Despite this, forecasts only indicate inflation targets hit with a cut. How to

square that circle?

- A: The report gets to the point - what is the rates curve that would be

consistent with returning inflation to target? Limited and gradual means

'multiple', 'modest' if not.

- Q: Given limited supply potential, what do you think of Chancellor's plans to

boost growth? Is this achievable?

- A: Addition to debate is welcomed. This would contribute to higher real

incomes. Chancellor recognises this is not something that changes overnight, but

via investment that has longer paybacks and can help raise the rate at which the

economy improves incomes. For the government and chancellor, they're looking at

addressing these issues. BoE is judged on 2/3 year horizon, government need a

longer horizon.