MPC noted improved conditions before rate hold

The Bank of England's Monetary Policy Committee (MPC) noted improving market conditions before unanimously voting to hold interest rates at 0.5%, the minutes of the July meeting have revealed.

"Economic surveys suggested that the momentum going into the second half of the year was greater than the committee had expected in May," the minutes said. They show the committee also voted for the Bank of England to continue with its Asset Purchase Scheme of £125bn but at a slower rate. The committee said it had not learned much from developments in the month up to the meeting which would have enabled it to assess whether its program to enlarge the money supply needed to be stepped up. "The Committee would keep the scale of the program under review, and the preparation of the Aug...