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The Bank of England approved to hold rates by 8 votes to 1 |
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FXstreet.com (Barcelona) – The Bank of England’s monetary policy committee approved, by 8 votes against one to maintain the current interest rate level at 5% with the disagreeing vote by David Blanchflower who voted for a 50 basis points rate cut, as the latest meeting’s minutes show.
The majority of the committee members defend that the 5% Bank Rate is the right level in order to bring back inflation to levels within the Bank´smargin for price stability, while Blanchflower argued in favour of a rate cut to 4.50& as he affirmed, UK’s situation was similar to that of America.
For the first time in three months, there wasn’t any member voting for a rate hike despite inflation remaining at a 16 year high.
Posted originally: 9/17/2008 9:07:00 AM
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