Central Banking

Bank of England voted 7-0 to hold rates

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Minutes from the Bank of England's 5 and 6 July Monetary Policy Committee meeting, published Wednesday 19 July, showed policy makers voted unanimously to keep the benchmark interest rate at 4.5 percent this month.

There are ``significant risks in both directions'' to inflation, the minutes said. Record oil prices have pushed inflation above the bank's 2 percent target for the past two months, although pay growth ``remains subdued.''

``Given that recent developments were broadly in line with the

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