The Bank of England has published minutes of the Monetary Policy Committee Meeting ending 3 June 2015, where the Committee voted unanimously in favour of maintaining the Bank Rate at 0.5% and maintaining the stock of purchased assets financed by the issuance of central bank reserves at £375 billion. For two members of the Committee, the decision to hold or raise the Bank Rate remained ‘finely balanced’.
The Committee said that given the likely persistence of headwinds to growth weighing on the economy, when the Bank Rate did begin to rise, it was expected to do so more gradually than in previous cycles. Moreover, the persistence of those headwinds, together with the legacy of the financial crisis, meant that Bank Rate was expected to remain below average historical levels for some time to come. The actual path Bank Rate would follow over the next few years was uncertain.