Bank of England's Monetary Policy Committee decided that rates should be held still as expected, with 2 members voting for an increase and 7 memebers voting for stability in rates. The atmosphere still remains reluctant to push interest rates higher as it's waiting for a fall in prices.
A drop in prices in Britain's currenct economic status seems to be out of the question for a long while. Rates aren't expected to move from their current position before the second half of the year 2012.
The Committee, who meet to hold conferences monthly, also discussed the financial market development, the international economy, money, credit, demand and output. All information was collected from the publicated Bank of England's Minutes of the Monetary Policy Committee Meeting of 6th and 7th of Jule 2011.
Sterling rose higher against the Greenback after the news release; the pair jumped from 1.6080 to 1.6120. GBP/USD opened up in today's trading session at 1.6121. Currently the pair is trading at 1.6122
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