In the United Kingdom, a recovery appears to be taking hold. But the legacy of adjustment and repair left by the financial crisis means that the recovery is likely to remain weak by historical standards. CPI inflation rose to 2.9% in June and looks set to remain around that rate in the near term. Against that backdrop, the Committee has provided some explicit guidance regarding the future conduct of monetary policy. The MPC intends at a minimum to maintain the present highly stimulative stance of monetary policy until economic slack has been substantially reduced, provided this does not entail material risks to price ... (full story)