Bank of England policymakers remain divided on whether to raise interest rates, voting 7-2 at their last meeting in favour of keeping the main rate at a record low 0.5 per cent.
Minutes from the Sept. 3-4 meeting show Wednesday that policymakers retained the status quo even as Europe's third-largest economy recovers at a brisk pace. With inflation at 1.5 per cent, below the 2 per cent target, pressure to raise rates remains muted.
Two policymakers argued that a tighter labour market might cause wage growth to accelerate. Ian McCafferty and Martin Weale suggested that since monetary policy operates with a lag, the bank should anticipate market pressure by raising rates in advance.
Meanwhile, a separate report showed unemployment dropped to 6.2 per cent in July, the lowest since 2008, from May's 6.4 per cent.
This content appears as provided to The Globe by the originating wire service. It has not been edited by Globe staff.