The Bank of England released the Minutes on December 21, explaining the latest projections and the Bank's outlook for inflation and growth in the United Kingdom.

The Bank of England Monetary Policy Committee voted unanimously on December 8 to maintain key rates paid on commercial bank reserves at 0.5%, and also voted to hold the asset purchases program steady at 275 billion pounds.

The Bank said that inflation dropped to 5.2% from 5.0% in October, and could have fallen to 4.8% according to the annual CPI advanced estimate, yet inflation is expected to remain above the 2% target as a result of the temporary impact of the increase in the VAT rate and the higher energy and import prices.