Bank of England leaves rates unchanged on back of weak data

Although there was dissent once again from hawkish MPC members Ian McCafferty and Michael Saunders, the other seven members voted to maintain rates at 0.5%. The MPC said it expected inflation, which fell to a 12-month low of 2.5% in March, to "fade a little faster than previously thought".  Furthermore, the MPC is now predicting the UK economy will grow by 1.4% this year, down 0.4% from their expectations in February. This follows disappointing GDP figures in March when data from the Office for National Statistics revealed the economy grew by just 0.1% in Q1, the slowest rate since...