In its quarterly Inflation Report it signalled that the door remains under lock and key.
ECONOMIST: The Bank is in no hurry to raise the price of money
Against this background, it is hardly surprising that the Inflation Report struck a hawkish note.
ECONOMIST: The bank wants to nail down inflationary expectations
This contradicts that 11-year-high inflation report, but remember: Gold is a leading indicator, the report a lagging one.
European markets gave back early gains today after the Bank of England came out with its quarterly Inflation Report.
The Inflation Report says that this would have added 0.2 percentage points to projected inflation in two years' time.
Delivering the Bank's latest quarterly inflation report, Sir Mervyn said that the UK's economic problems were shared by other countries.
There is July's inflation report, and data on retail sales, industrial production and the views of America's senior loan officers.
And the Bank of England's quarterly inflation report predicted the economy would grow by about 1% in the coming months.
Mr King was initially confronted by allegations of political bias at the MPC's quarterly inflation report conference earlier this month.
But, as the Bank of England points out in its latest Inflation Report, the figures don't really support this explanation either.
Mr King said the views, expressed in the MPC's quarterly inflation report in May, were shared by the majority of the committee.
The Bank had already signalled in its quarterly Inflation Report, released on August 10th, that rates were unlikely to fall much further, if at all.
And in its quarterly Inflation Report a fortnight ago, the committee presumed, as it has for a while, a gradual decline in the pound's value.
The Bank of England said in its latest inflation report on Wednesday that it now expected inflation to remain above its 2% target for two years.
The pound had already been under pressure since the middle of last week when the Bank of England quarterly inflation report forecast higher inflation and weak growth.
The market wants more details on how the repayment of gilt coupons to the Treasury fed into the November policy decision, as mentioned by the Inflation Report.
Oddly, as both the tax increases and interest-rate rises were already known to the Bank when it prepared the Inflation Report, it underestimated July's headline and underlying inflation.
These were the headlines from today's Inflation Report press conference , the 81st that Sir Mervyn King has presented in the 20 years since the Report was first produced.
In its August Inflation Report, the Bank of England said that household balance sheets had been weakened by the rapid growth in borrowing and the decline in equity markets.
In the Bank's Inflation Report, the upsurge in inflation is attributed partly to higher oil prices and partly to more general pressures arising from an economy operating close to capacity.
Bank of England governor Mervyn King said on Wednesday that the UK had "only just started on the road to recovery" as he presented the Bank's latest quarterly inflation report.
The Bank of England's Quarterly Inflation Report forecasts a range of different outcomes for GDP growth, which it publishes in a graph, with the darker central projection considered the most likely.
Speaking to MPs on the Treasury Committee, Bank of England governor Mervyn King said oil prices had risen much faster than the Bank had assumed in last month's quarterly inflation report.
After years of revising growth down and inflation up, this is the first inflation report since 2007 to paint a generally brighter outlook, although the forecasts still show no return to pre-crisis levels of growth.
Speaking at a press conference to launch the latest Inflation Report, the governor of the Bank of England said it had lowered its growth forecasts following the weak growth data at the end of the year.
The impending departure of the Governor of the Bank of England, Sir Mervyn King, makes the Treasury Committee's hearing on the bank's quarterly Inflation Report a rather less routine occasion than normal (on Tuesday at 10am).
But this did not worry the Bank of England, which in its quarterly Inflation Report, published the next day, said that it is now far from clear whether the next change in interest rates will be up or down.
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