Bank of England policymakers unanimously voted to maintain its monetary policy stance at the meeting held early this month, the minutes of the meeting showed Wednesday.
The Monetary Policy Committee voted 9-0 to hold the key interest rate at a record low of 0.50 percent and asset purchase programme at GBP 375 billion.
For two members, the immediate policy decision remained finely balanced between voting to hold or raise the bank Rate.
“While there was a range of views over the most likely future path for Bank Rate, all members agreed that it was more likely than not that Bank Rate would rise over the three-year forecast period,” the minutes said.
Inflation is expected to pick up notably towards the end of the year. The committee said it would seek to set monetary policy so that it would be likely that inflation would return to the 2 percent target within two years.
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