The Central bank of England, BoE has kept the official interest rates on hold at 0.5 percent this month, which was widely expected.
Three members voted for a rate hike see upside in risks to wages and unit labour costs.
They estimate Q2 to grow by 0.4 percent. UK deficit fell to 5bn pounds in May, best since 2005
The policymakers expected the UK economy to grow by 1.4 percent in 2018, downgrading its previous projection of 1.8 percent.
Inflation is expected to pick up more than expected in near term.
Reduction in QE stock would not be considered till rates hit 1.5 percent. They QE easing would be conducted in a ‘gradual and predictable pace’.
All members agree on future rate hikes are likely to be gradual, limited.