The Bank of England kept its key rate unchanged at a record low, in a split vote, as the majority of members judged that the current stance of monetary policy remained appropriate.
At its meeting on September 9, the Monetary Policy Committee voted 8-1 to maintain interest rate at 0.50 percent as seen in the prior meeting held in August.
Ian McCafferty voted to increase rate by 25 basis points, given his view that building domestic cost pressures would otherwise be likely to lead to inflation overshooting the 2 percent target in the medium term.
Policymakers also unanimously voted to retain quantitative easing programme at GBP 375 billion.
All members agree that, given the likely persistence of the headwinds weighing on the economy, when interest rates does begin to rise, it is expected to do so more gradually and to a lower level than in recent cycles.
The actual path of the rate will follow over the next few years will depend on the economic circumstances.
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