Ian McCafferty, a BOE rate-setter, echoed some Fed officials in arguing last week that companies and households may be holding back spending because of continued uncertainty about the future.

WSJ: Central Bankers' Change

"This measure will help support confidence, but we need to recognise that its impact on near term growth prospects is likely to be relatively modest, " said Ian McCafferty, the CBI's chief economic adviser.

BBC: Bank of England injects further ?75bn into economy

Paul Tucker, Deputy Governor, Financial Stability, and Monetary Policy Committee members Professor David Miles, and Ian McCafferty, speak more freely about the controversial policy of quantative easing (QE) which is being deployed to combat the recession?

BBC: Week ahead in committees

"Although volumes of business activity continued to worsen across the UK services sector in the past quarter compared with the previous quarter, there are some tentative signs that conditions may be levelling out, " said Ian McCafferty, CBI chief economic adviser.

BBC: CBI: Service sector weakens in most recent quarter