The Bank of England said the uncertainty around Britain's divorce from the European Union was intensifying as it kept interest rates unchanged.
The bank's Monetary Policy Committee, led by Governor Mark Carney, voted 9-0 to hold the benchmark at 0.75 percent. All but one of the 61 economists in a Bloomberg survey correctly predicted Thursday's decision.
“The broader economic outlook will continue to depend significantly on the nature of EU withdrawal,” the minutes of the meeting said. “The monetary policy response to Brexit, whatever form it takes, will not be automatic and could be in either direction.”
The BOE is also grappling with how to exit years of ultra-loose policy alongside the rest of the world’s biggest central banks. The Federal Reserve on Wednesday lifted borrowing costs while cutting the outlook for more hikes next year. The Bank of Japan kept its policy unchanged on Thursday. Sweden raised its benchmark for the first time since 2011.