Wasn't it a month or so ago, that the BoE was carping on about high inflation? Now they cite undershooting the 2% target as a problem. Hmmm. I think myself and one or two others here were talking about the threat of deflation, well here it comes. The IMF has reworked its forecast for the UK downwards to show a contraction of 1.3% during 2009. That's a shift in opinion of 1.2% in a matter of a few weeks. Staggering.