Rates cut on way - papers 21 July

The 5-4 vote in favour of maintaining the repo rate at 4.75% was the tightest for two years, and comes amid ongoing calls from business groups for lower rates, the paper adds. Arguments centred on the transparency of evidence that the economy is heading one way or the other – those voting to maintain rates unchanged have said the evidence is not yet clear enough either way. The Daily Telegraph says only Bank of England governor Mervyn King stood in the way of a cut, putting his swing vote with what became the majority. The paper cites one economist saying: “The door is clearly open...