The Bank of England's Monetary Policy Committee (MPC) believes higher rates could damage financial r...
The Bank of England's Monetary Policy Committee (MPC) believes higher rates could damage financial results in the wake of current volatility.
In its June meeting, the MPC said there were both considerable upside and downside risks to inflation. Growth in the eurozone and Asia might well turn out stronger than anticipated in its May report, while the amount of spare capacity in the UK economy might be less than it had assumed in its central projection.
The MPC believed the downsides were greater and stressed that while the recent correction of financial markets might prove temporary, there was a risk it would persist or that asset prices might fall further.
In light of this, it voted 6-1 in favour of maintaining the Bank base rate at 4.5%.
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