FXstreet.com (Barcelona) - Inflation has decreased in the UK in recent months after a long period of above-the-target growing rates, and according to the Bank's minutes of the last meeting, it will remain at the current level in the medium term, therefore, further rate hikes ate not observed.

A rate cut was also discarded by most members of the monetary policy committee as, according to the minutes, such a move could have set monetary policy as an instrument to support the financial system, rather than a key to maintain inflation below the 2% target.

The decision to keep interest rates at 5.75% was approved by 8 votes to 1, with David Blanchflower defending a rate cut to 5.5%.