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Bank of England policymakers unanimous on keeping rates low

Published:Friday | January 23, 2015 | 12:00 AM

Policymakers at the Bank of England voted unanimously this month to keep interest rates at a record low of 0.5 per cent, ending months of division on how to best keep Britain's economy growing.

Policymakers had been divided about whether it is time to raise rates. But with inflation at 0.5 per cent, well below the 2 per cent target, pressure to do so remains muted.

Minutes released Wednesday of the meeting held January 7-8 suggest a rate hike may be a ways off. The minutes show that committee members believe there's a roughly even chance of some deflation in the first half of 2015.

Meanwhile, the Office of National Statistics says the unemployment rate fell to 5.8 per cent from September to November 2014, down from 7.1 per cent a year earlier.

- AP