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Beecroft: Bank of England has spring in its step

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Nick Beecroft, Chair of Saxo Capital Markets, gives us his latest assessment of the Bank of England's thinking ahead of the next rate decision. Nick believes the doom and gloom in the Eurozone is casting a shadow across the English Channel, after all the EU is the UK's largest trading partner. Eurozone growth in 2013 was a grim -0.4% and inflation remained stubbornly low last month with CPI registering at just 0.3% for September.    

The Bank's Monetary Policy Committee has voted 7-2 against a rate rise in both August and September, the two hawks are expected to maintain their voting position this month as well. Nick points out that Governor Mark Carney appears to be in favour of waiting out the winter and only raising rates once the green shoots of spring are clear to see.