In today's meeting, BoE may lay the groundwork for a rate hike at the August meeting if it sees the economy recovering from a weak start this year.
The bank is not expected to raise interest rates at today's meeting according to most experts' expectations, and there is a split whether the bank will raise rates at the August meeting or later this year.
At the end of 2017, the UK was the slowest growth among the Group of Seven countries, with companies held back from investing before the Brexit and high inflation triggered as a result of the June 2016 referendum eroded household disposable income.
Inflation fell from a 5-year high of 3.1% which reached last November, and the economy's recorded the slowest growth pace since 2012 in the first quarter of 2018. But with unemployment falling to its lowest level since 1975, the Bank of England sees the economy running near full capacity, and that the long-term trend of interest rates over the next two or three years will probably rise.
Most expectations were for the Bank of England to raise interest rates at the May meeting, but it was the string of weak data and Carney's negative comments that undermined those expectations.
