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In a letter to the Treasury Select Committee
Credit bubble primed to burst with recessionary consequences
Held rates at 0.25%
Political uncertainty remains big risk
Effective 4 September
Will be phased out by 2021
Potential further weakness in the pound
'Spiral of complacency'
Also downgraded US growth for 2017 and 2018
Inflation fell to 2.6% in June
