Feb 18, 6:20 AM EST

Bank of England policymakers unanimous on keeping interest rates low amid weak inflation

Business Video

Latest Business News
JC Penney shares slide after disappointing results for holiday shopping season quarter

Gap 4th-quarter results top estimates as Old Navy sales grow; company plans $1B stock buyback

How the Dow Jones industrial average and other major indexes fared on Thursday

American Express ups annual fee on Premier Rewards Gold Card, one of its most popular cards

Pew study: Americans still feeling financial stress despite improved job market, economy

Multimedia
A district summary of the Beige Book
Measuring economic stress by county nationwide
Mall malaise: shoppers browse, but don't buy
Unemployment by the numbers
Family struggles with father's unemployment
Saying an affordable goodbye
Hard times hit small car dealer
Latest Economic News
What crises in Ukraine, Greece? German consumer confidence at highest since dot-com era

France escapes EU penalties over budget deficits, gets 2 more years to clean house

Spanish prime minister raises 2015 growth forecast to 2.4 percent, predicts 500,000 new jobs

Moody's downgrades $48 billion of Puerto Rico's public debt, following S&P downgrade last week

White House economic report: Higher wages needed to make up for past paycheck stagnation

Bank of England policymakers unanimous on keeping interest rates low amid weak inflation

Japan central bank says economy on the mend, reaffirms ultra-loose monetary policy

French government invokes special power to pass centerpiece economic reform without vote

Thai economy barely grew in 2014 after protests, coup hit investment and confidence

Q&A: What's next for Japan economy after exiting recession sparked by tax hike

Buy AP Photo Reprints
Interactives
Greece's Debt Threatens to Spread
State budget
gaps map
Auto industry problems trickle down, punish Tennessee county
Women give old Derby hats a makeover in tough economy
S.C. town deals with highest unemployment in South
How mortgages were bundled and sold as securities
Tracking the $700 billion financial bailout
Tracking the year's job losses
State-by-state foreclosures since 2007
Credit crisis explained
Presidents and their economic legacies
Lexicon of the financial crisis
Americans' addiction to debt

LONDON (AP) -- Bank of England policymakers voted unanimously this month to keep interest rates at record lows and to refrain from pumping more money into the British economy, according to minutes of the bank's last meeting released Wednesday.

Minutes of the Feb. 4-5 gathering of the bank's Monetary Policy Committee show that with inflation at record lows, there is little impetus to increase rates from 0.5 percent. Inflation now stands at 0.3 percent, held down by low oil prices and supermarket price wars.

Capital Economics economist Vicky Redwood said the nine policymakers are more divided about their next move on interest rates than the unanimous vote would suggest.

Two members - Martin Weale and Ian McCafferty - may soon reinstate their previous call for a rate hike, she said.

The bank acknowledged that there were differences among policymakers.

"For two members, the immediate policy decision remained finely balanced: given the outlook for inflation beyond the short term, there could well be a case for an increase in Bank Rate later in the year," the minutes said. "All members viewed it as more likely than not that Bank Rate would increase over the next three years; for one member, the next change in the stance of monetary policy was roughly as likely to be a loosening as a tightening."

Whenever the bank decides to raise interest rates, it expects to do so "gradually and more slowly than in previous cycles," according to the minutes.

© 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and Terms of Use.