MPC members vote for rate cuts

It is the first time any MPC member has voted for a rate cut since July 2003, the Bank’s record of voting shows. Charles Bean and Marian Bell have argued the cut is needed in light of evidence of the threat to UK economic growth from continued weakness in the euro area, the domestic slowdown in secured and unsecured lending, slowing nominal GDP growth, and an ‘easing’ labour market. Producer price inflation has been slowing, suggesting recent general inflation has been the result of oil and commodities price increases, rather than a response to growth in demand. While there may be ...