The Bank of England has confirmed that the UK will not follow The Fed and hike interest rates, voting 8-1 to keep rates on hold.

Ian McCafferty remains the only hawk on the Monetary Policy Committee, the only one voting to raise rates.

Bank of England governor Mark Carney said that, looking to the year ahead, “rates are expected to rise gradually to a lower level than previous cycles.”

UK interest rates will remain at record lows of 0.5 percent for the foreseeable future.

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