The Bank of England's Monetary Policy Committee voted to leave the official Bank Rate paid on commercial bank reserves unchanged at 0.5%. The Committee also voted to hold the quantity of asset purchases program, financed by the issuance of central bank reserves, steady at £275 billion.

The Committee expects the APF to take another three months to complete. The scale of the program will be kept under review.

The bank said that the lates projections will be detailed in the quarterly Inflation Report to be published at 10:30 GMT on Wednesday 16 November.

The minutes of the meeting will be published at 9:30 GMT on Wednesday 23 November.