With the strong economic recovery and unemployment falling more sharply than estimated, some members of the panel are likely to have favored a rate hike. The minutes of the previous meeting also signaled that some policymakers are getting closer to a rate hike call.
The current 0.50 interest rate is the lowest since the central bank was established in 1694 and it has heavily reduced the interest income of savers. The unconventional measures were announced during the financial crisis to shore up the economy.
At several instance BoE Chief
Today's decision may not have been unanimous and a rate hike this year cannot be ruled out, said
The minutes, due on
The bank will explain its assessment on growth and inflation with the Inflation Report, to be published on
Despite rising employment and strong economic recovery, wage growth remains weak reflecting slack in the labor market, which in turn has kept a lid on inflation. Inflation has remained below the 2% target for a sixth month in June.
Squeezing purchasing power of consumers, earnings excluding bonuses grew at the slowest pace on record during three months to May.
Ongoing very low earnings growth and some signs that growth could be losing a little momentum, support the case for the BoE delaying any interest rate hike until 2015, said
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