Sluggish wage growth held base rates
He went further, describing the ‘cocktail of worrying economic data’ which is triggering the MPC’s concerns.
Seven Monetary Policy Committee members voted to hold base rates, with two voting for a 0.25% increase.
Dixon said: “Sluggish wage growth was probably the main cause for MPC members to defer a rate hike.
“In addition a cocktail of worrying economic data is triggering new concerns.
“Many are expecting Friday’s GDP data to show an economy coming off the boil and, together with lack of inflation and rising geopolitical risk, the committee is in no hurry to raise base rates.
“Unless we see a dramatic change in these trends, we’re unlikely to see a rate increase until after the 2015 election.”