However, the Committee confirmed that the path for UK monetary policy would depend on the prospects for inflation in the United Kingdom and would not be determined by the actions of other central banks, stating that "the pace at which those countries began to embark on a normalisation of monetary policy would depend on their own individual circumstances".
The committee also noted that a "disorderly outcome to the Greek debt negotiations remained a significant risk".
For two MPC members, the immediate policy decision remained 'finely balanced' between voting to hold or raise Bank Rate, however all members voted to keep interest rates unchanged in June.
The Committee confirmed that the surprise decline in UK GDP growth in 2015 Q1 would prove to be temporary, and agreed that by comparison with six months earlier, prospects for growth in the euro area appeared somewhat brighter.
Overall, the MPC agreed that developments since the previous meeting had been limited and, in the main, consistent with the expectations that the Committee had set out in its May Inflation Report. In light of that, all Committee members agreed that it was appropriate to leave the stance of monetary policy unchanged at this meeting.
