The Bank of England voted 8-1 to cut interest rates by 0.25% at the beginning of the month it has been revealed.
The Monetary Policy Committee’s (MPC) last meeting saw all members vote for a cut, though the majority felt that a small cut to 5.25% would be sufficient, according to minutes released today.
David Blanchflower, known for his desire to keep rates low, voted to cut the interest rate by half a point to 5%.
The voting pattern indicates the MPC is unlikely to make the big cuts seen in the US, where rates have been slashed by 2.25% since last summer to 3%. However, many analysts believe rates will fall to at least 5% by the end of the year.
If you would like to comment on this story, contact:
Tel: 020 7034 2682
e-mail: [email protected]
Clarke replacing Balkham
'Deep-dive analysis of client behaviour'
Ways to mitigate April’s increases
The best equity income funds examined