LONDON – 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.