Bank of England keeps interest rates unchanged

Minutes from rate-setting meeting show MPC thought domestic demand and international activity had barely changed since its last decision

The Bank of England has kept interest rates on hold this month amid expectations that inflation will remain low after another sharp fall in the oil price and a levelling off in wage growth.

Members of the Bank's nine-member monetary policy committee (MPC) voted eight to one to leave rates at 0.5%, where they have been since March 2009, in a repeat of voting numbers seen in recent months. Sticking to his recent stance, only Ian McCafferty voted for a rise to 0.75%.