Q: Market over-interpreted your January.........>

BOE: Q: Market over-interpreted your January speech, but re-priced following

CBI, PMI, Lloyds sentiment data. You've said PMI can be misleading. Now

withdrawal out of the way, are we entering period of less extreme uncertainty -

does this mean BoE will focus MORE on PMI/survey data?

- A: Most recent vintages of surveys have been amongst the strongest.

Expectations element have proved less reliable, depends on whether uncertainty

recedes further - but don't want to tie hands of future MPC. They will be

looking at range of data.

- Q: You said less a case of so far so good, but so far, good enough. Does this

suggest fewer downside surprises will warrant a rate cut?

- A: There's a lot of data between now and next decision. Committee will look

carefully to see if hard data follows surveys. Budget/spending plans also due

which will help judgements.