The Bank of England have yet again left rates unchanged at the 0.5% level which has now been at that level since March 2009.

The voting went as last time with only one member of the MPC voting for an immediate increase to 0.75%.

Whilst the actual rate decision itself was a foregone conclusion, this was always going to be about the minutes and their tone.

Given current global issues, especially in China and the free-falling oil price, as well as some poor manufacturing figures and downward revisions of UK GDP, it would seem that inflationary prospects will continue to be weak.

This has led to many pushing out further the date of a future rate rise rather than hurrying to follow the US.

As we have seen, especially with the current Governor, things can change quickly and the tone of MPC members will be carefully watched over the next few weeks.

The big question remains, will we see any rate changes this year at all?

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