UK recovery in Q3 is a little bit ahead of expectations
The economy can be viewed as glass half-full or half-empty
Labour demand is weak, unemployment is higher than reported number
Investment is also very weak, but housing market is strong
We will do everything we can to support the UK economy
We have looked very hard at scope to cut rates further
That includes negative interest rates
Concluded that negative rates should be in the toolbox
We do not intend to take any action to tighten policy until there is very clear evidence of significant progress to achieve 2% inflation target sustainably
Like the Fed, BOE is flexible in returning inflation back to its target
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