But not everyone was happy. The bank is taking an unnecessary risk when the global economic outlook is so uncertain. But, on balance, most economists saw few economic reasons for cutting interest rates at the moment. The risk is that if the MPC eases too much it might exacerbate the trade deficit which is already at a record. Unemployment continues to be low as well, suggesting that the economic downturn in the United States may not have had a major impact on the UK yet.
Some analysts expect further cuts later in the year.
This survey was seen by sceptics as an early warning signal that the global economic slowdown is beginning to take effect in the UK as well - although the US and the eurozone appear to be worse off.