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LONDON Dawuane Smoot Jaguars Jersey , Aug. 3 (Xinhua) -- The Bank of England's (BOE) rate-setting monetary policy committee (MPC) took a small step back from hiking interest rates at its August meeting.


The MPC voted 6-2, with the committee one member short, for leaving interest rates unchanged Cam Robinson Jaguars Jersey , a less interventionist stance than the 5-3 vote at the June meeting.


The British bank rate has been at 0.25 percent since August last year, a record low set with a 25 basis point cut to bolster the economy in case of blowback from the Brexit referendum decision.


"The BOE is highly likely to sit tight on interest rates through 2017 and 2018 -- and very possibly beyond," Raj Badiani Leonard Fournette Jaguars Jersey , senior principal economist at IHS Markit in London told Xinhua.


"The next move in interest rates is likely to be up, the majority of members are reluctant to consider an interest rate hike at a time of prolonged economic and political uncertainties centered on Brexit, alongside the limited second-quarter GDP developments appearing to suggest increasingly downbeat firms sitting in their industrial and construction investment plans."


Badiani said he thought the BOE will remain tolerant of inflation above its monetary policy target of 2 percent.


CPI inflation was 2.6 percent in June DJ Chark Jaguars Jersey , having risen from 0.5 percent in May last year following the fall in sterling against other currencies. Such a sharp rise reflected sterling's fall from 1.48 U.S. dollars to the pound on the night of the referendum vote last year to 1.31 U.S. dollars now, having touched as low as 1.22 U.S. dollars in between.


This has led to the rise in inflation, as prices reflect the higher costs of imports and of commodities and raw materials for manufacturers.


Badiani said the MPC would at this critical stage be wary of a policy mistake which would give a negative jolt to the declining rate of British GDP growth.


Inflation falling back to 2.6 percent in June and softer economic data allowed the MPC members concerned about faltering growth prospects to hold the high ground in August over those concerned about breached inflation targets Taven Bryan Jaguars Jersey , and this would continue, said Badiani.


The still rising consumer credit levels and the savings rate falling back to a record low of 1.7 percent in the first quarter are likely to provide a supportive argument for those who want to raise interest rates in the near future.


The MPC also voted unanimously to keep the stock of UK Gilts at 435 billion pounds (570.6