SMPC votes to hold interest rates - September 2007

At its latest meeting the IEA's Shadow Monetary Policy Committee voted eight to one to hold interest rates. One member wanted a 0.25% cut.

On this occasion, eight SMPC members voted to leave Bank Rate unchanged on 6 September, while one member, Patrick Minford, voted for a 0.25% reduction. Looking further ahead, five SMPC members had a bias to tighten after September, two of the holds thought that the next move in rates should be downwards, one had a broadly neutral bias, and Patrick Minford thought that more than one 0.25% rate cut would be required.

The minutes of the meeting can be downloaded above.