Unsurprisingly the Bank of England's Monetary Policy Committee at its meeting on 8 July voted to maintain Bank Rate at 0.5%.

The Committee also voted to maintain the stock of purchased assets financed by the issuance of central bank reserves at £375 billion.

The minutes of the meeting will be published at 9.30 a.m. on Wednesday 22 July.

Martin Beck, senior economic advisor to the EY ITEM Club, commented:

Bank of England by mattbuck (CC BY-SA 4.0)

By mattbuck (CC BY-SA 4.0)

"Today's decision by the MPC to keep Bank Rate at 0.5% concluded the 76th successive meeting to announce no change in interest rates. However, hawkish noises recently emanating from the MPC imply that the current unanimity could break down soon.

"Looking ahead the odds of the majority of the Committee voting for a rate rise anytime soon look slim. Inflation is set to remain close to zero for much of the year and recent falls in commodity prices threaten a return to deflation. At the same time sterling's ongoing strength is making life increasingly difficulty for exporters."

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