The MPC walking on the fence over wages and inflation

A couple of stand out comments from the statement;

"As in recent months, the outlook for growth remains characterised by a number of opposing influences. On the one hand, UK private final domestic demand, and consumer spending in particular, has been resilient, buttressed by the recovery in real income growth and productivity, supportive monetary policy, and robust business and consumer confidence."
"On the other hand, the on-going fiscal consolidation has had a restraining influence on activity and global growth has continued at below-average rates. Similarly, after the direct effects of past movements in international energy and food prices have washed out of the annual comparison, the outlook for inflation in the medium term will reflect the balance of two opposing forces: the extent to which domestic costs pressures build, set against any persisting external disinflationary pressure."

They're seeing the same issue I am with regards to the jobs market

"The sharp declines in the unemployment rate seen since the middle of 2013 now appear to have levelled off. Some slowdown in the pace of the expansion and employment growth had been expected by the MPC as a natural consequence of the economy approaching a balance between its supply capacity and strengthening demand following the United Kingdom's gradual recovery from the financial crisis. Indeed, there is increasing evidence of developing capacity pressures in some segments of the economy, and of labour skill shortages in particular."
"But encouraging improvements in productivity growth have so far limited the impact of that pickup in pay growth on businesses' overall costs, and therefore inflation."

If anything the statement brings inflation to the fore and edges up their worries over global problems. From not being overly concerned about global developments they are now more cautious about it and inflation. It's drawing a fine line between what the economy can do and what problems may sweep in from abroad. This statement leans more towards dovish than middle of the road

GBPUSD is down to test 1.5300 and is holding at the first attempt