The Bank of England MPC Members voted unanimously to keep the base rate on hold at 0.5% at its August meeting.

Spencer Dale and Martin Weale have changed their stance after voting for a 0.25% increase in June and July.

Also it show eight members of the MPC voted to maintain the stock asset purchases at £200bn while Adam Posen voted to increase to £50bn

MPC Members noted that inflation is likely to fall back in the medium term as the impact of factors pushing it upwards diminished and the degrees of slack in the labour market continue to be a downward pressure this is why they reasoned to keep the base rate on hold.