Bank of England Monetary Police Committee (MPC) members unanimously against interest rates and increases to asset purchases this month.

No MPC member thought that policy tightening was needed at present, but warned that continued rapid house price increases would be a concern.

The 4% increase in the sterling price of oil would be likely to raise the near-term profile for inflation; while the appreciation of sterling, if sustained, would bear down on inflation further out, including in the 18-24 months ahead range pertinent for the forward guidance knockout.

At the last meeting voting against further quantitative easing was unanimous. Hawk Martin Weale voted for hikes at the least meeting, but changed back at this.

Vicky Redwood, chief UK economist, Capital Economics: