One month's out performance does not mean the long-awaited consumer revival has arrived.

There are concerns that the revival in euro zone business confidence has been driven by the external sector, which could be undermined if the euro keeps on rising.

I'd be a bit nervous about the pound's rally recently. We've not seen enough evidence of a pickup in growth and the focus is still on the next rate cut, which I think we'll get in February.

The rise in output prices ... will not ruffle the doves unduly when the MPC meets next month to decide on interest rates.

Certainly, the tone of the Inflation Report did not hint at such a pronounced division within the central bank, but rather one where the majority is content to overlook shortfalls in economic activity in an environment where inflation is tracking close to target and expected to continue doing so over the forecast horizon.

The rise in output prices ... will not ruffle the doves unduly when the Monetary Policy Committee meets next month to decide on interest rates.