BoE: Need to look deeper into various possible packages of measures - BBH

Research Team at BBH, notes that although the BOE did nothing yesterday, it strongly indicated it would in a few weeks. 

Key Quotes

“Specifically, the explicit reason offered for that decision was the need "to look deeper into various possible packages of measures." This seems to imply more than a rate cut.  Many expect around GBP50 bln in new asset purchases, which some suggest could include corporate bonds, and perhaps new funding-for-lending.  

The scale of the BOE's action will be determined by the new forecasts that will be part of the Quarterly Inflation Report next month.  The sense that more than a 25 bp rate cut is likely was driven home by BOE Haldane's comment that "material easing is likely to be needed in August.”