Shadow MPC votes to keep interest rates unchanged 1st July 2006

SMPC votes seven to two against an increase in interest rates

Seven SMPC members voted to hold interest rates in July, while two members voted to raise rates by 0.25%. However, four of the seven ‘holds’ had a ‘bias to raise’ (with two seeing August as the appropriate month for an increase) while one ‘hold’ believed that the next UK rate move should be downwards. Thus a majority of the committee felt that interest rates may have to rise either now or in the near future.