BOE MPC vote split stays unchanged at 8:1

By FXStreet FXStreet (Mumbai) – The Bank of England (BOE) latest monetary policy minutes released on Thursday showed only one member – Ian McCafferty – voted in favour of a rate rise as widely expected.

Concerned about Sterling strength

The minutes showed the policymakers see considerable uncertainty over the impact of the strong GBP on inflation. However, the UK economy’s prospects remain positive, say the policymakers, and the recent market turmoil related to China’s slowdown has not altered their view that the time for a rate hike approaching.

Other Key Points

Inflation pick-up around year end still remains likely. Core UK inflation subdued, but may be firming.

MPC majority says upside CPI risk relative to target, CPI likely to stay near zero for a few more months, volatile oil prices increase uncertainty.

“Healthy domestic expansion” in UK likely to continue, productivity has begun to increase.
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Source:: FX Street