The Bank of England (BOE) held interest rates steady at 0.25 percent on Thursday, as expected, while largely sticking to its previous assumptions for growth and inflation over the three-year forecast horizon.
The Monetary Policy Committee (MPC) voted by a majority of 6-2 to keep rates at record low levels in August.
Meantime, the U.K.'s central bank maintained stock levels of government bonds and corporate bonds at £435 billion and £10 billion respectively.
The MPC also said it forecast two interest rate hikes over the next three years, one more than it had estimated previously. Governor Mark Carney and his fellow rate-setters said the first rate hike would likely take place in the third quarter of 2018.
According to the minutes, "if the economy follows a path broadly consistent with the August central projection, then monetary policy could need to be tightened by a somewhat greater extent over the forecast period."