Q on whether supply or demand side has been revised lower

Bailey: Would describe growth projections as subdued - both to changes on the demand side and supply side. Have revised down demand resilience in the forecast versus August as tightening comes through. On supply side: Whichever indicator you look at, even if earnings are below the AWE series you only get to 7% rather than 8% - we are still seeing more resilient earnings than expected. Also on labour supply, the matching efficiency of the labour market seems to have gone down and that is causing a restriction on the supply side.

Ramsden: By flagging relatively subdued real household income growth you are getting to the core in the issue - if you want sustained increase in living standards you get that through productivity growth. Getting inflation back to target is necessary but not sufficient for sustained growth. Productivity is key.

Broadbent: Pre-GFC productivity growth was more positive, and import prices were also lower. It's no doubt weaker in this period and below potential - but not wildly different from what we have seen in the post-GFC world.