The Bank of England 's monetary policy committee ( MPC ) voted seven to two in favour of holding interest rates this month , believing that a deficit at the start of the year will quickly collapse to allow the bank to raise interest rates to 5 % later in the year . But the policy makers want to make sure this rebound does happen before taking the plunge. The bank expects unemployment to fall further , inflation to fall to its 2 % target over the next two years , and growth of 1.7 % in 2019 and 2020 . The MPC 's decision led to a rise in sterling of more than 0.5 % against the dollar and 0.75 % against the Euro .
The Bank of England 's monetary policy committee ( MPC ) voted seven to two in favour of holding interest rates this month , believing that a deficit at the start of the year will quickly collapse to allow the bank to raise interest rates to 5 % later in the year . The bank expects unemployment to fall further , inflation to fall to its 2 % target over the next two years , and growth of 1.7 % in 2019 and 2020 . The MPC 's decision led to a rise in sterling of more than 0.5 % against the dollar and 0.75 % against the Euro .