Shadow MPC votes to hold rates 3rd September 2006

SMPC votes by six to three to hold interest rates

At its latest meeting, the IEA’s Shadow Monetary Policy Committee, a group of leading monetary economists that monitors developments in UK monetary policy, voted to hold interest rates by six votes to three.

Three members wished to raise rates immediately. However, three of the members who voted to hold rates felt that there would be need for a further increase in the near future.

Prof. Patrick Minford, who voted to hold rates, on the other hand believed that the next move should be downwards.

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