BoE inches closer to rate hike

Minutes of the 7 July BoE meeting released recently indicate several members of the committee are close to voting for a rate rise. “For a number of members, the balance of risks to medium-term inflation relative to the 2% target was becoming more skewed to the upside” but “recent developments in Greece was a very material factor in their decisions” to not vote for a rate rise. One of the other interesting things to come out of the minutes was the “expectation of Bank staff…for growth of 0.7% in both the second and third quarters.”