UK Interest Rates Remain at 0.25%
UK interest rates have been held at 0.25% for another month having been reduced from 0.5% in August 2016.
The decision wasn't completely straight forward with one of the nine Monetary Policy Committee (MPC) members, Kristin Forbes, voting to raise rates. It was the first time since July last year that the vote hasn't been unanimous.
Kristin Forbes' expression of concern about inflation has led analysts to admit that the Bank of England could be closer to raising interest rates than they had thought.
UK's inflation rate rose to 1.8% in January, which is the highest rate for two and a half years but still below the Bank's 2% target.
The lack of a unanimous decision caught the markets off guard and this was reflected in the currency markets where the pound strengthened against the dollar (0.6%) and the Euro (0.7%).