*BoE: Might take up to three months to carry out the asset purchase programme

*CBI: Latest cut is unlikely to have a dramatic impact on the cost or availability of credit

*BoE: MPC judged that latest cut in Bank Rate would by itself still leave a substantial risk of undershooting 2% CPI inflation target in medium term

*CBI: With interest rates already at historic lows, conventional rate cutting is becoming less and less effective as a means of stimulating economy

*BoE: MPC noted that a very low level of Bank Rate could have counter-productive effects on some financial markets, lending capacity of banking system