Investing.com -- The Bank of England left its key rate unchanged at 0.75% on Thursday, but two members of its monetary policy committee voted for a cut, the first time in over a year that the the committee has been split.
"Looking through Brexit-related volatility, underlying U.K. GDP growth has slowed materially this year and a small margin of excess supply has opened up," the bank said in its statement. "That slowdown reflects weaker global growth, driven by trade protectionism, and the domestic impact of Brexit-related uncertainties."
"If global growth fails to stabilize or if Brexit uncertainties remain entrenched, monetary policy may need to reinforce the expected recovery in U.K. GDP growth and inflation," it added. However, it noted that it might still be more likely to raise interest rates if such risks clear.