It said the increase in"staycations" had boosted spending on restaurants and hotel accommodation.
The minutes of the meeting said:"The longer those uncertainties persisted, particularly in an environment of weaker global growth, the more likely it was that demand growth would remain below potential." For the first time, the Bank has felt the need to signal a direction of travel for interest rates in the now plausible scenario of"political events" leading to"a further period of entrenched uncertainty" about Brexit.
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