MPC unanimously voted to increase rates
Rates remain at 0.5%
'Any other decision would be a major surprise'
Up against all major currencies
CPI drops to 3%
Hints at more hawkish tone
Fed strives to be ‘ahead of the curve’
The UK economy is heading in the right direction but there are a "number of years to go" before a full-blown recovery can be called, Bank of England (BoE) chief economist Spencer Dale has said.
MEET THE GUV'NOR
The Bank of England has held interest rates for the 50th month in a row and opted not to increase the size of its QE programme at its May meeting.
The successor to Mervyn King will have an "unduly powerful role" thanks to Treasury plans to extend the powers available to the Bank of England (BoE), one of the bank's advisers has warned.
The UK economy contracted by 0.2% in the first quarter of the year, meaning it has slipped back into technical recession, preliminary estimates from the Office for National Statistics (ONS) show.
Monetary Policy Committee(MPC) member Adam Posen has revealed his reasons for abandoning his call for further stimulus to boost the UK economy, following the publication of this month's minutes.
A former member of the Monetary Policy Committee has claimed Bank of England governor Mervyn King was "unprepared for the crisis" that wrecked the world economy and "controlled the bank with an iron fist."
The Bank of England's Monetary Policy Committee (MPC) was divided over its quantitative easing (QE) programme earlier this month, with two members calling for the asset purchase programme to be increased by £75bn.
The Bank of England has raised its inflation forecast for two years' time to around 1.8%, more than some economists had predicted.
The Bank of England's Monetary Policy Committee (MPC) has increased its quantitative easing programme by £50bn as it looks to shore up the UK's ailing economy.
The Bank of England will this week pump at least £50bn into the economy, according to a report in the Independent.
Fears of a period of prolonged inflation are "unfounded", Monetary Policy Committee (MPC) member Adam Posen said, after UK inflation dropped sharply.
The immediate future of the UK economy will not be dependant on a further round of quantitative easing (QE), a member of the Bank of England's rate setting body said yesterday.
Sterling has dropped against the dollar after the latest MPC minutes revealed no calls for a rate hike and opened the door to further QE.
A group of 55 economists believes the Monetary Policy Committee will maintain interest rates at 0.5% this week, as manufacturing and services surveys show the UK economy is slowing.