Last week’s monthly meeting of Bank of England’s Monetary Policy Committee saw a repeat performance take place to keep interest rates at the record low level of 0.5%. Once again eight members of the MPC voted for the rates to remain the same, whilst one member voted to increase. The base rate has remained at this level since the year 2009 and is expected by many to continue for some of next year as well.

Factors working in support of the member decisions to keep rates the same are wage growth making a subtle comeback combined with the price of oil falling in recent weeks. Members of the MPC did not take into account the fact the US interest rates will likely be raised this week on Wednesday. Instead, they focused on issues affecting the homeland as other issues in other countries.

The minutes from the meeting outlined the details of the member decisions, saying: “The price of oil had fallen markedly again, increasing the likelihood that headline inflation rates would remain subdued, and nominal wage growth had levelled off.”

The minutes continued, saying “The measures announced in the government’s autumn statement might reduce the drag on demand in 2016 compared with previous plans, but the full effects, particularly of measures relating to the housing market, would require more analysis to gauge.”

Some economists see the Central Bank waiting until at least the second quarter of next year before making a move to increase, whilst others believe additional members of the MPC will not vote to increase until months after that.