The Bank of England's Monetary Policy Committee (MPC) released its June meeting minutes on Thursday. All members voted to keep the central bank's monetary policy unchanged.
The consumer price inflation in the U.K. was 0.3% in May, below the central bank's 2% target. The BoE noted that inflation was driven by a drop in energy and food prices, adding that this effect would dissipate over the next year.
The central bank warned about the consequences in case of the country's exit from the European Union (EU). According to the central bank, the possible Britain's exit from the EU was the largest risk to UK financial markets global financial markets.
The central bank said that Britain's economy slowed in the first quarter and was expected to decelerate in the second quarter as uncertainty around Britain's membership in the European Union (EU) weighed on the economy.
The BoE noted that the domestic private sector remained resilient, while consumer confidence was robust.
All MPC members agreed to hike interest rate gradually once the BoE starts raising its interest rate and "to a lower level than in recent cycles".
The BoE also said that the referendum was the main risk to the outlook.
"A vote to leave the EU could materially alter the outlook for output and inflation, and therefore the appropriate setting of monetary policy. Households could defer consumption and firms delay investment, lowering labour demand and causing unemployment to rise. Through financial market and confidence channels, there are also risks of adverse spill-overs to the global economy," the central bank noted.
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