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The Bank of England's Monetary Policy Committee (MPC) released its September meeting minutes on Thursday. 8 members voted to keep the central bank's monetary policy unchanged. Ian McCafferty voted to hike interest rate by 0.25%.
MPC members noted that the risks from the slowdown in the Chinese economy rose since August.
"Global developments do not as yet appear sufficient to alter materially the central outlook described in the August Report, but the greater downside risks to the global environment merit close monitoring for any impact on domestic economic activity," the statement said.
MPC members said that the healthy domestic expansion continued.
"Domestic momentum is being underpinned by robust real income growth, supportive credit condition, and elevated business and consumer confidence," the minutes said.
MPC members pointed that the interest rate hike will be gradual when the Bank of England starts to raise its interest rate.
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