Minutes from the last policy meeting showed that all members of the committee voted unanimously to keep rates at the record-low level of 0.5% and its QE program unchanged. The strong economy could further strengthen the British pound and lead to inflation-rates below the targeted 2% - a level not seen for more than a year. A rate hike over the course of the next three years is seen more likely than not - although there was a "range of views" in the committee.

U.K.'s Unemployment Rate for February remained at 5.7%, a six-year low, analyst expected a decline to 5.6%. The Claimant Count fell seasonally adjusted 31,000 in February, compared to expectations for a decline of 30,000 people.

Average earnings increased less-than-expected in the 3 months to January. Average earnings rose 1.8% compared to a previous reading of +2.1%, below the forecasted increase of +2.2%. Average earnings excluding boni rose +1.6%.