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20 May 2015
BOE MPC votes 9-0 to keep interest rates at record lows
FXStreet (Mumbai) - The Bank of England (BOE) minutes of the Monetary Policy Committee (MPC) Meeting held on 7 and 8 May 2015 released on Wednesday showed the MPC voted 9-0 to keep bank rate unchanged at record lows at 0.5%.
The committee also voted unanimously to maintain the stock of the purchased assets financed by the issuance of central bank reserves at GBP 375 billion.
Details of the minutes reveal that all members agreed the interest rates are likely to go up than not over a 3 year period. The minutes also noted that markets brought forward hike expectations after release of April minutes.
Policymakers also believe inflation close to zero is unlikely to last long and that a notable pick up in expected towards the end of 2015. They also believe the UK economic growth is expected to accelerate in Q2.
The committee also voted unanimously to maintain the stock of the purchased assets financed by the issuance of central bank reserves at GBP 375 billion.
Details of the minutes reveal that all members agreed the interest rates are likely to go up than not over a 3 year period. The minutes also noted that markets brought forward hike expectations after release of April minutes.
Policymakers also believe inflation close to zero is unlikely to last long and that a notable pick up in expected towards the end of 2015. They also believe the UK economic growth is expected to accelerate in Q2.