Bank of England released their minutes and MPC vote earlier this afternoon. The committee voted 8-1 against a rate hike with Ian McCafferty voting for the 0.75% increase. McCafferty argued that a tight policy was warranted now after increased domestic costs pressures. The Bank of England noted that UK’s economy’s prospects remain positive and the slowdown in China hasn’t shaken their view that an interest rate hike is approaching. Inflation will most likely stay close to zero for the next few months which is still far below the 2% target. Inflation will most likely pick up next year however the drop in oil prices has increased uncertainty for the near-term outlook. Sterling rose 0.6% against the Euro upon the release of this data. U.S. initial jobless claims fell to 275k which highlight the strength of the labour market and this is ahead of the Fed’s meeting next week.