BoE united on decision to hold rates, 7/8 July

Minutes for the Bank of England's 7 and 8 July Monetary Policy Committee meeting released on Wednesday 21 July showed the MPC voted unanimously to keep interest rates steady at 4.5 per cent but indicated that borrowing costs would have to rise again in the months ahead.

The minutes said "it was likely that the repo rate would need to increase further."

"The August Inflation Report would provide an opportunity to evaluate the news since May more fully in the context of producing a new forecast a