SMPC votes to hold interest rates - October 2007

SMPC votes to hold interest rates by eight votes to one

Eight SMPC members voted to leave Bank Rate unchanged on 4 October, but one member, Patrick Minford, voted for a 0.5% reduction. Looking further ahead, most members found it difficult to make firm judgements until the Northern Rock affair had settled down. Three SMPC members had a bias to ease, two thought that there might still be a need for higher rates in subsequent months, Patrick Minford thought that more than one rate cut would be required, one was neutral, and two thought that ‘wait and see’ was the only viable policy.

The minutes of the meeting can be downloaded above

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