Bank of England not expected to change policy

The BoE is not expected to change policy when the Monetary Policy Council meets next Thursday. Of course, we won't know anything about the dialogue that unfolded until minutes to the meeting arrive on July 22nd. The next meeting on August 6th, however, commences the practice of releasing the quarterly Inflation Report simultaneously to the BoE decision. 

In this environment, clearly the BoE is focused upon Eurozone risks stemming from Greek debt negotiations and therefore the Greek referendum results will be a point of reference in next week's BoE dialogue. Every central banker on the planet is telling that they are forward looking but data dependent which is akin to walking forward while constantly looking back over your shoulder; every now and then you'll walk into a lamp pole.