LONDON (AP) — Minutes to the Bank of England’s last meeting show policymakers voted unanimously to keep interest rates at record lows and to refrain from pumping more money into the British economy.
The minutes released Wednesday from the February 4-5 meeting of the bank’s Monetary Policy Committee shows that with inflation at record lows, there was little impetus to increase rates from their record low of 0.5 per cent.
Inflation now stands at 0.3 per cent, held down by low oil prices and supermarket price wars.
Capital Economics economist Vicky Redwood says the nine policymakers are more divided about their next move on interest rates than the unanimous vote would suggest. She says that two members – Martin Weale and Ian McCafferty – may soon reinstate their previous call for a rate hike.