SMPC votes unanimously to hold interest rates - November 2007

SMPC votes to hold interest rates, amid current economic uncertainty

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.