The Bank of England kept base rates flat again at 0.5%, a low since April 2009.


The board of the Bank of England voted against additional monetary expansion, as sufficient stimulation funds had already been injected into the British economy.


Yet macroeconomic data signal a downturn rather than economic growth. Furthermore, the country has been mired in recession. In the 1st quarter the UK GDP shrank by 0.2% despite a projected increase by 0.1%.


However, the Bank of England did not pay particular attention to the GDP: it only raised the growth outlook to 3% in 2013.


But inflationary risks have really been the centre of attention.


In March the CPI in Great Britain was driven by food and clothing prices up to the highest level among the G7 countries. In this connection, the BoE experts grew less certain of overcoming soaring inflation by the end of 2012.


It should be noted that earlier the UK central bank had seen inflation at 2% this year and at 1.8% in 2013.