Policymakers opted to hold their monetary stance this month through holding borrowing cost at its record low of 0.50 percent and amount of asset purchases at 375 billion pounds.

Minutes of the meeting will be due on Wednesday August 14 to show how the voting was, while the BOE says it will publish review on guidance on August 7.    

The most recent data suggest that the British economy is gathering momentum and taking significant steps to get on the recovery track.

Data released last week showed that the U.K. expanded 0.6% in the second quarter, following a 0.3% growth rate in the first quarter, boosted by progress in the economy’s main sectors.  

A report released today showed that U.K. PMI manufacturing signaled a widening expansion in July to record 54.6 from a prior of 52.5.

The economy is regaining confidence as an economic report released this week showed that consumer sentiment climbed to the highest level in more than three years in July.

The IMF has raised its growth forecast for the U.K. last month to 0.9% this year, instead of 0.7% estimated in April. 

On the other hand, the rise in inflation in the year ended June to 2.9% after rising to 2.7% in April to become very close to the BOE’s upper limit inflation target of 3%, is probably putting pressure on policymakers to raise stimulus.

Last month, the BOE during its first forward guidance has revealed that interest rate would remain for a while, where the new BOE governor Mark Carney and the other eight MPC members voted unanimously to keep both interest rate and APF unchanged.   

The new governor is expected to introduce his thoughts for the first time during next week’s BOE quarterly inflation report. 

As of 11:02 GMT, the pound rebounded versus the U.S. dollar to trade around 1.5229 after touching a low of 1.5132 and a high of 1.5236.