Shadow MPC votes to keep rates the same - February 2006

SMPC voted by six votes to three not to reduce interest rates this month

The IEA’s Shadow Monetary Policy Committee, a group of leading monetary economists drawn from academia and the City, voted to keep interest rates unchanged at its latest meeting. A vote to raise rates was defeated by seven votes to two and a vote to lower rates was defeated by six votes to three. The evidence presented to the committee about the UK economy contained conflicting signals and this explained the unusually divergent views on the committee. The largest number of members believed it was appropriate to wait for more evidence before changing interest rates.

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