Commenting on today’s interest rate decision by the Bank of England Monetary Policy Committee (MPC), David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:

“It is unsurprising that there was no change – our own Forecast suggests that any rate increase will be in the third quarter of 2016 at the earliest. Even though the US may raise rates this month, the European Central Bank has eased policy even further, and global headwinds persist.

“With inflation not expected to start edging up until next year, or reach target until well into 2017, there is simply no need for the Bank to consider changing tack.”