Prior 3.75%Bank rate vote 0-6-3 vs 0-7-2 expected (Greene, Pill, Mann voted for 25 bps rate hike)The impact of the energy shock on the UK economy remains uncertainMonetary policy cannot influence energy pricesPolicy stance required to achieve 2% inflation target sustainably depends on the scale and duration of the shockThe risk of material second-round effects is greater the longer higher energy prices persistBut for now, there is little evidence so far to suggest such effects especially as indicated by recent dataThe risks to the inflation outlook are tilted to the upside relative to the central projectionBut there remains scope for the outlook to change materially as events in the Middle East unfoldAppropriate to maintain the bank rate at this meetingStands ready to act as necessary to ensure that inflation remains on track to meet the 2% target in the medium-termFull statementMore to come.. This article was written by Justin Low at investinglive.com.