BULLET: BOE Minutes: MPC Votes 9-0 To Raise Bank Rate By to..>

BOE Minutes: MPC Votes 9-0 To Raise Bank Rate By 25bp to 0.75% 

-BOE MPC: MPC Vote 9-0 To Keep Stock Of Gilts, Corporate Bonds Unchanged

-BOE MPC: R-Star Seen In 0.0% to 1.0% Range (2.0% to 3.0% Nominal Range) 

-BOE MPC: Maintains That Future Increases in Bank Rate Gradual, Limited   

-BOE MPC: Growth Momentum Recovered in Q2 After Q1 Weather-Dip    

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The MPC voted unanimously to hike Bank Rate by 25bp to 0.75% at its 

August meeting, also voting 9-0 to keep the stock of total asset 

purchases at stg445bn. According to the MPC, a recovery in economic 

momentum in Q2, coupled with a tighter labour market and unit labour 

cost growth, warranted a 0.25pp rise in Bank Rate. Elsewhere, the Bank 

estimated that R*, the trend real interest rate, sat in a range of 0% 

to 1% currently, consistent with a modal estimate of around 0.25% 

(2.25% in nominal terms). Looking forward, the MPC maintained that any 

future tightening in the Bank Rate would be gradual and limited.