…MPC voted 7 to 2
Posted by admin on March 19th, 2008
The Bank of England’s Monetary Policy Committee voted by seven to two to hold interest rates at 5.25% this month.
When balancing the slowdown in growth against above target inflation, the MPC felt “the risks on both sides had increased over the past month” and had not changed sufficiently to merit a rate cut.
Sir John Gieve, the deputy governor responsible for financial stability, and David Blanchflower felt “the downside risks argued against delay”.
The quarter point rate cut that’s widely expected in May could now be brought forward to April.
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