World

Bank of England keeps interest rates at record low; timing of first increase uncertain

  • Governor of the Bank of England Mark Carney speaks during an Inflation Report press conference, at the Bank of England, in London, Thursday Nov. 5, 2015. The Bank of England refrained Thursday from raising its interest rate from a record low of 0.5 percent as weak inflation make the timing of a first increase ever more uncertain _ signaling it could even stretch to 2017. (Jonathan Brady/Pool Photo via AP)

    Governor of the Bank of England Mark Carney speaks during an Inflation Report press conference, at the Bank of England, in London, Thursday Nov. 5, 2015. The Bank of England refrained Thursday from raising its interest rate from a record low of 0.5 percent as weak inflation make the timing of a first increase ever more uncertain _ signaling it could even stretch to 2017. (Jonathan Brady/Pool Photo via AP)  (The Associated Press)

  • Governor of the Bank of England Mark Carney speaks during an Inflation Report press conference, at the Bank of England, in London, Thursday Nov. 5, 2015. The Bank of England refrained Thursday from raising its interest rate from a record low of 0.5 percent as weak inflation make the timing of a first increase ever more uncertain _ signaling it could even stretch to 2017. (Jonathan Brady/Pool Photo via AP)

    Governor of the Bank of England Mark Carney speaks during an Inflation Report press conference, at the Bank of England, in London, Thursday Nov. 5, 2015. The Bank of England refrained Thursday from raising its interest rate from a record low of 0.5 percent as weak inflation make the timing of a first increase ever more uncertain _ signaling it could even stretch to 2017. (Jonathan Brady/Pool Photo via AP)  (The Associated Press)

  • Governor of the Bank of England Mark Carney gestures,  during an Inflation Report press conference, at the Bank of England, in London, Thursday Nov. 5, 2015. The Bank of England refrained Thursday from raising its interest rate from a record low of 0.5 percent as weak inflation make the timing of a first increase ever more uncertain _ signaling it could even stretch to 2017. (Jonathan Brady/Pool Photo via AP)

    Governor of the Bank of England Mark Carney gestures, during an Inflation Report press conference, at the Bank of England, in London, Thursday Nov. 5, 2015. The Bank of England refrained Thursday from raising its interest rate from a record low of 0.5 percent as weak inflation make the timing of a first increase ever more uncertain _ signaling it could even stretch to 2017. (Jonathan Brady/Pool Photo via AP)  (The Associated Press)

The Bank of England has refrained from raising interest rates from a record low of 0.5 percent as the timing of an increase looks ever more uncertain.

The bank's policymakers voted eight to one at their November meeting to keep rates unchanged, as a muted inflation rate of minus 0.1 percent keeps the pressure off. The bank also refrained from pumping more money into the economy.

The meeting was closely watched as Bank of England Governor Mark Carney has said the end of the year will bring more clarity as to when rates will rise. But when remains an open question.

Britain's growth remains among the fastest among developed economies and positive economic news in recent weeks is adding pressure on policymakers to raise interest rates.