More uncertainty stemming into UK from abroad

The MPC noted recent official estimates and survey data already point to a slight deceleration of UK growth, while the earlier sharp declines in the unemployment rate seemed to have levelled off. 

They warned a deterioration in the global demand environment would slow the pace of expansion further, with the main risks stemming from emerging economies. BoE in line with the others, is still cautious.

"Yesterday's message fits quite well in line with what has been heard from the other major central banks lately. Clear signs of inflation picking up need to exist, before policy tightening becomes warranted. Central banks thus remain cautious globally, and remain very reluctant to risk surprising financial markets with a hawkish message", says Nordea Bank.