Governor Mervyn King wanted to raise interest rates but was outvoted according to the MPC minutes, reports The Guardian.
The Bank of England's monetary policy committee unexpectedly voted by a majority of just one not to raise interest rates again this month, with the governor, Mervyn King, outvoted. Minutes of the June 6-7 meeting released this morning caused sterling to jump against other countries and interest rate futures move to price in another rate rise in the very near future. Mr King was joined by deputy governor John Gieve, Tim Besley and Andrew Sentance in calling for a second consecutive rate rise this month, which would have taken bank rate to 5.75% But the other five members, including th...
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