First quarter GDP numbers were very disturbing. The UK is in dive mode. Since last summer, the UK economy has slowed sharply and based on current trends, it could hit negative growth territory during the second half of this year.
Time for an interest rate cut, perhaps? Inflation doesn't seem to be paying much attention to the slowdown in growth. According to the latest Bank of England agent survey, businesses are reporting a significant increase in cost pressures.
The MPC might think it is playing a balancing act. To me, it looks like they have fallen off the wire and hit the floor.