A consistent 6-to-3 split has been maintained by the members of Monetary Policy Committee (MPC) in the Bank of England in the April meeting.

The slope of interest rates has remained unaltered as it was felt that it can trigger inflation by 5%. It was strongly accentuated that nothing in the past month has happened that can prompt the members to head in the direction of hiker’s camp.

The meeting recognized the flexibility of the export growth but, it was simultaneously maintained that the household spending are facing a major setback.

With low consumer confidence, it would be inappropriate to raise the bank interest rates at this point of time. Despite a spur at the trade front, the wages have remained low and unsatisfying.

It was stated in the minutes of the meeting that it is yet to be known that whether the decrease in the growth at the 2010 end was just a temporary effect or was triggered by the weakness in the consumption growth.

“The risk that increased inflation expectations might become entrenched in wage and price-setting was material, but there was no evidence yet of that crystallizing”.