The Bank of England has voted by a majority of 6-2 to hold UK interest rates steady at their current record low of 0.25%. The decision coincided with the forecasts of economists. The BoE hinted that rates hike is likely in the third quarter of 2018.
The bank also downgraded its growth forecast to 1.7%, down from a previous forecast of 1.9% in May.
Sluggish wage growth coupled with accelerating inflation has been weighing on the purchasing ability of households.