Three out of seven committee members who voted to maintain the rate at 2.25% felt that the "current monetary policy stance remains accommodative while the main headwinds to growth are not financial in nature." They think that "monetary policy should be used when it is effective in supporting the economic recovery". Since headline inflation is currently close to 2% and rising, we expect no further rate cuts from the MPC this year especially in light of recent EM volatility and the ongoing Federal Reserve tapering of asset purchases.