The Bank of England has kept the door open to another interest rate hike in May to keep a lid on inflation pressures stemming from rising wages rather than from a Brexit-related fall in the pound. While maintaining its benchmark rate at 0.5 percent Thursday, the bank said rate increases are likely this year. Despite resisting an immediate hike, a majority in the committee is ready to back another interest rate increase soon, the minutes indicated. When the bank published quarterly economic projections showing inflation above the 2 percent target for a year or two, Carney indicated that a hike in May was likely. Carney has been one of the more vocal advocates calling for a quick deal on a transition deal so that businesses can plan ahead.

Source: ABC News March 22, 2018 05:03 UTC