The Bank of England yesterday left the UK base rate at 0.5%. The minutes of the meeting, which are now released shortly after the meeting rather than two weeks later, revealed that they have voted 8-1 in favour of no change. The dissenter again voted for a 0.25% rate rise.

In terms of inflation they believe that the consumer prices index (CPI) will continue to hover around the zero level with the potential for a pick up towards the end of the year, potentially rising to around 1% early in 2016. With regard to China the committee said that global developments have not had a sufficiently material impact to alter the Bank of England's previous central economic outlook. They did however accept that the risks posed from these activities were more likely to be to the downside.

In a separate report there was positive news regarding the UK housing market. The Royal Institute of Chartered Surveyors increased its forecast price growth to 6% from 3%, driven by a lack of supply. Its house price index also rose to a 15 month high. Meanwhile the Halifax reported that house prices rose 9% in the 12 months to the end of August.