By Daniel Hunter

Minutes from the latest Monetary Policy Committee meeting show that the Bank of England's decision makers voted unanimously to keep interest rates and quantitative easing on hold.

Given that the minutes from September's meeting also showed that no members saw a case to expand economic stimulus measures, it would appear that the MPC sees the UK economic recovery strengthening.

The Bank plans to keep interest rates at record lows at least until unemployment falls to 7%.

“It seems that all MPC members are now fully backing guidance which has encouraged sterling’s strength," Sasha Nugent, Caxton FX analyst, said.

"The view that the recovery is strong enough not to require further stimulus has supported investors views on the UK economy. As expected there was little talk about short-term gilt yields, but the central bank may be pressured to comment further if gilt yields rise further.”

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