LONDON – Records show the Bank of England voted unanimously at their last meeting to keep interest rates on hold, as low inflation continues to ease pressure to act.
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Inflation is just 0.1 percent annually, way below the 2 percent level that the bank targets.
However, minutes from the Monetary Policy Committee meeting ending June 3 showed policymakers were mindful that "headwinds to growth" had begun to ease. The minutes show that over time, the interest rate to "keep the economy operating at normal levels of capacity," was likely to rise from the record low of 0.5 percent.
The Office of National Statistics also reported Wednesday that Britain's unemployment rate for the three months ending in April was 5.5 percent, down from 5.7 percent for the months to January.