- Credit access likely to stay restricted for some time
- Money, credit conditions have tightened sharply
- Equity prices have fallen substantially
- Agents point to severe near-term contraction
- Consumer spending has faltered, bus. investment weaker
- Conditions worsening in key export markets
- Inflation should soon drop back sharply
- CPI will fall despite decline in sterling
- Pay growth remains subdued, infl expectations falling
- Inflation risks have shifted decisively to downside
- Sees substantial risk CPI to undershoot target
- Judged significant rate cut needed to hit CPI target