The Bank of England’s minutes from its April meeting show policymakers were unanimous in their decision to keep interest rates at a record low of 0.5%, as inflation pressures have remained muted.

Members of the bank’s Monetary Policy Committee are still concerned about headwinds facing the economy, and about lingering weaknesses from the financial crisis.

But, the committee says expectations for inflation have begun to pick up—and two members of the committee say the April decision was “finely balanced.”

Howard Archer, chief European and U.K. economist at IHS Economics, says, “[the minutes] reinforce our belief that the next move in interest rates will be up,” even though the inflation rate stayed at 0% in March.

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