An improving economy, in particular a strengthening in the jobs market, has boosted talk in recent weeks that the BoE could be among the first of the world's major economies to lift interest rates that were slashed to near zero during the global financial crisis.
Still, economists say a crisis in Greece, concerns about China's economic outlook and expectations that the U.S. Federal Reserve may tighten policy later rather than soon could all encourage the BoE to wait a little longer than anticipated before making its next rate move.
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"While there has been rather more volatility since the (May) election in market expectations for U.K. rates, the still rather mixed profile to incoming U.K. data and surveys, the renewed crisis in Greece, the turmoil in Chinese markets and the uncertainty about the global economic outlook and the pushing back on U.S. rate lift-off expectations, leaves Q1 2016 as the consensus view," Marc Ostwald, a strategist at ADM Investor Services International, said in note on Thursday.
"There is some risk seen of a move in November," he said.
Sterling was steady after the BoE rate decision, trading at about $1.5380.