The BOE once again stressed that when it does start to raise its benchmark rate, the move will be gradual, noting that market expectations are for an increase to around 1.75% by the end of 2017, a view it did nothing to question. It also said that the benchmark rate will "remain below historical averages for some time to come." But it added the caveat that the pace of the rate move will depend on economic developments, and that its guidance is "an expectation, not a promise