FXStreet (Łódź) - Ross Walker, Senior UK Economist at RBS suggests that even though two MPC members decided to vote for a 25 bp rate hike in August, as BoE minutes showed, the rise should not be carried out as soon as November 2014.

Key quotes

"We continue to regard Mssrs Weale and McCafferty as outliers not bellwethers – at the margin, our confidence in this view is reinforced following yesterday's CPI inflation data and today's MPC Minutes."

"The RBS forecast remains for the first 25bp hike to come in February 2015, with 25bp increases in the Inflation Report months of May, August and November 2015 – ie, Bank Rate at 1.5% at end-2015."

"The risks around this forecast are tilted modestly towards later and slower tightening (eg, heightened financial market volatility around the May 2015 election might augur in favour of unchanged policy settings)."

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