BoE split on interest rate decision
23 June 2010
A member of the Bank of England’s Monetary Policy Committee last night voted for rates to rise to 0.75% from 0.5%, MPC minutes reveal.
The Governor invited the Committee to vote on the proposition that:
- The Bank Rate should be maintained at 0.5%.
- The Bank of England should maintain the stock of asset purchases financed by the issuance
of central bank reserves at £200 billion.
Seven members of the Committee (the Governor, Charles Bean, Paul Tucker, Spencer Dale, Paul Fisher, David Miles and Adam Posen) voted in favour of the proposition.
Andrew Sentance voted against, preferring an increase in Bank Rate of 25 basis points.
The 7-to-1 majority means rates are kept at 0.5% for the 15th consecutive month.
Tags: Mortgage Rates
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