BOE keeps rates at record low, says UK outlook remains sound

London

BANK of England policy makers said the UK economy's prospects remain positive and market turmoil related to China's slowdown hasn't shaken their view that the time for a rate increase is approaching.

The nine-member Monetary Policy Committee (MPC) voted 8-1 this week to keep the benchmark interest rate at a record-low 0.5 per cent, with only Ian McCafferty dissenting. In their discussion, officials said any external headwinds must be "weighed against the prospects for a continued healthy domestic expansion".