Dovish Bank of England stymies chance of 2015 rate rise

The latest Bank of England Monetary Policy Committee meeting saw one policymaker break ranks and vote for higher interest rates. But the tone of the meeting was more dovish than many were anticipating, meaning the first rate rise is unlikely to be seen until 2016, at the earliest. Most policymakers consider the recent fall in oil prices and the strong pound as likely to lead to a slower than previously thought upturn in inflation in the medium term.