As expected, the Bank of England’s monetary policy committee left its benchmark rate at a record low of 0.5% for the 27th month in a row. It also left its £200bn quantitative easing programme unchanged.
It was the first meeting for new MPC member Ben Broadbent, a former Goldman Sachs economist, who replaced arch-hawk Andrew Sentance.
City economists have put back the likely date for the first increase to this autumn, but many think it won’t happen until next year. A November rate rise is seen as a 60% probability, while markets are not fully pricing in a rate rise until next April.