The Bank of England’s (BoE) monetary policy committee kept interest rates at a record low 0.5 per cent yesterday in an almost universally expected decision that likely reflects concerns about the growth outlook.

Although consumer price inflation of 3.4 per cent is well above the bank’s 2 per cent target, it has started to fall from a 17-month high of 3.7 per cent in April. Many of the factors that had pushed it higher – ie, rising oil prices – have gone into reverse in the past month. – (Reuters)