The Monetary Policy Committee (MPC) held rates at 4.5% at its latest meeting, as Fathom had expected. Our interpretation of the meeting minutes is that the Bank is weighing up two primary uncertainties in relation to the UK’s monetary environment. The first is the extent to which weakness in the economy to date is a symptom solely of weak demand, or of weak demand and weak supply. Regardless of the factors underpinning the slowdown in economic growth around the turn