Shadow MPC Votes to Hold Interest Rates - 4th November

SMPC votes seven to two to hold rates

Ahead of the Bank of England's interest rate announcement later this week, a majority of the members of the IEA Shadow Monetary Policy Committee believe that interest rates should remain unchanged.

Whilst some members were concerned about rapid growth in money supply measures, no members voted for an increase in rates. Patrick Minford and Peter Warburton believed that a rate cut was necessary.

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