The SMPC issued its rate recommendation with respect to the Monetary Policy Committee’s official Bank Rate decision to be announced on Thursday 8th November. On this occasion, there was a rare show of unanimity in that all nine members of the committee voted for interest rates to remain on hold. Looking further ahead, three SMPC members had a bias to ease, one thought that a further tightening might still be required, while the remaining members wanted to see how the economy settled down post Northern Rock before committing themselves.
