Highlights of the minutes from the July 2015 Bank of England monetary policy meeting 22 July 2015

  • Prior vote 9-0 to keep rates unchanged
  • Decision on rates in July was clear cut
  • Without Greek crisis, decision becoming more finely balanced
  • Even without external risks current stance of monetary policy remained appropriate
  • Differences between members over how much domestic cost pressures on inflation had increased
  • Sterling strength to bear down on banks inflation forecast and speed of pass-through to CPI uncertain
  • Events in Greece and China overshadowed the pick up in global economic growth after Q1 slowdown
  • Bank staff expect quarterly GDP of 0.7% in Q2 & Q3

So no change in vote and the pound dipped to 1.5580 before focusing on the "more finely balanced" comment and running to 1.5647 on the fact that Greece may have played a hand in keeping the hawks on their perch. With that out of the way the spotlight will now be on August