BOE MPC MInutes published on the Bank of England website

No real shocks that I can see at first glance through them and that's being reflected in the lack of price action.

All bluster and no substance.

GBPUSD 1.4160 EURGBP 0..7955

  • uncertainty on supply side of economy might increase post-Brexit
  • referendum effects make forecasting direction of UK economy harder
  • MPC continue to see persistent headwinds weighing on economy
  • GDP may slow H1 2016 due to Brexit uncertainty
  • more likely than not rates will have to rise over forecast horizon
  • MPC likely to react more cautiously to data around referendum
  • unit wage costs growth below levels consistent with meeting CPI target
  • CPI will likely fall in April as Easter air fare effect unwinds
  • domestically, growth has been steady, and the MPC continues to expect CPI inflation to rise over the next year.
  • the pickup in the price of oil and sterling's recent depreciation will support that rise.
  • it was likely that financial conditions in the United Kingdom were broadly similar to, or a little looser than, those six months earlier

"All members agree that, given the likely persistence of the headwinds weighing on the economy, when Bank Rate does begin to rise, it is expected to do so more gradually and to a lower level than in recent cycles. This guidance is an expectation, not a promise. The actual path Bank Rate will follow over the next few years will depend on the economic circumstances"

Full Minutes here