The storm clouds are due to too-low inflation during a recession, Tory cuts, and the idiot at Treasury. But blaming
Yurp is always easy.
Sir Mervyn King begins the press conference by saying that UK inflation has fallen back close to the Bank's target of 2%, but quickly warns that the economic picture is weak - partly because of the crisis in Europe.
We are navigating rough waters, and storm clouds continue to roll in from the euro area.
The governor also confirms that the MPC has cut its growth forecasts, a decision he blames on "persistent weak productivity growth".
