Bank of England minutes clear up nothing

The Bank of England seems intent on confusing the financial markets about the future course of interest rates. Minutes of the June meeting of Threadneedle Street's monetary policy committee would, it was hoped, make the Bank's stance clear. Instead, they have simply muddied the waters still further.

Here's how things have unfolded. Back in mid-May, the Bank issued its latest inflation report. Against a backdrop of strong economic data, Mark Carney, delivered a robust defence of the case for keeping borrowing costs on hold.