At its latest meeting, the IEAs Shadow Monetary Policy Committee, a group of leading monetary economists that monitors developments in UK monetary policy, voted to raise interest rates by five votes to four.
There was a significant change of mood from previous meetings. Two members who wished to raise rates expressed a bias to raise rates further in the future. Two members who voted to hold rates had a bias to raise rates at some point in the near future. Prof. Patrick Minford, of Cardiff University Business School, who had previously voted regularly to cut rates, was now sufficiently nervous about the situation to decide against cutting rates.