FXStreet (Łódź) - The eFXnews team remark that following the release of BoE minutes today Philippe Gudin and Fabrice Montagne from Barclays Capital see the MPC hiking rates in the last quarter of 2014.

Key quotes

"The UK Monetary Policy Committee (MPC) voted unanimously to keep monetary policy on hold at its July meeting, with Bank Rate unchanged at 0.50% and the stock of asset purchases maintained at £375bn."

"Members of the MPC had an extensive discussion about the margin of spare capacities, especially in the labour market, and continued to hold a wide range of views about the degree of slack in the UK economy, which is likely to be the main focus of the August Inflation Report."

"We continue to expect the first increase in Bank Rate to take place in the fourth quarter of this year."

'This content has been provided under specific arrangement with eFXnews.'

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