LONDON – Bank of England minutes show that policymakers were unanimous in their decision to keep interest rates at a record low 0.5 percent this month as inflation pressures remained muted.
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Minutes released Wednesday from the April 8-9 meeting of the bank's Monetary Policy Committee show that members are still concerned about "headwinds" facing the economy and lingering weaknesses from the 2008 financial crisis.
But the committee says expectations for inflation have begun to pick up and two members of the committee believed the April decision was "finely balanced."
Howard Archer, chief European and U.K. economist at IHS Economics, says the minutes "reinforce our belief that the next move in interest rates will be up," even though the inflation rate stayed at 0.0 percent in March