And the fog of Brexit is causing short-term volatility in the economic data. And more fundamentally, it's creating a series tensions in the economy, tensions for business. Although many companies are stepping up their contingency planning, the economy as a whole is still not yet prepared for a no deal, no transition exit.
In the context of Brexit, uncertainty itself is one of the factors that are driving the current outlook for growth and inflation. And to illustrate these effects, the MPC has provided sensitivities to our projections of Brexit uncertainties. Any persistent adjustment in sterling would likely have material consequences for inflation at policy-relevant horizons, due to the slow speed pass through into consumer prices.