We will find out next week

We will have to wait until next Wednesday before we learn of the mental contortions of the monetary policy committee that led them to keep interest rates fixed while inflation accelerates.

The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion.

The Committee’s latest inflation and output projections will appear in the Inflation Report to be published at 10.30am on Wednesday 16 February.