Reuters - For the MPC, all this increases the upside risks to inflation, both for the near term and the medium term. Although growth prospects have weakened in recent months, the MPC will probably judge that weaker growth is needed to squeeze inflation and inflation expectations down again. In the end, we do expect that the MPC will gradually cut rates a lot further this year, but this is because the outlook for economic growth - and consumer spending in particular - is so grim.