The minutes of the last BOE Monetary Policy Committee released on Wednesday showed two of its nine members favored an increase in interest rates but were outvoted by the other members who wanted rates to remain at ultralow levels. "Overall these [retail sales] figures suggest that growth in the economy remains healthy and is likely to continue into the third quarter of this year," David Kern, the chief economist at the British Chambers of Commerce — a nationwide business network — said in a note.
The latest survey by polling firm YouGov indicates that the center-left opposition Labour Party holds a narrow lead in voting intentions over Prime Minister David Cameron's center-right Conservative Party. "Today's public borrowing figures confirm that George Osborne is set to break his promise to balance the books by next year," Chris Leslie, a Labour spokesman on economic issues, said in a statement.
Read more here: Business Spectator