BoE likely to end the year quietly with no action

Bank of England's MPC meeting is likely to yield no action regarding its Official Bank rate, it is widely expected in a consensus that the bank would stay pat in its December meeting, keeping its OBR at 0.5%.

This is also hinted by the Governor in his July speech, which was reiterated in the November inflation report that the first rate hike would come sometime in next year, may be in H1.

"The outcome of this week's MPC meeting is thus almost certain to be another vote for inaction with only McCafferty again standing out to vote for an immediate rate increase of 25bp", says Societe Generale in a research note.

The bank's OBR has been at 0.50% since March 2009.