Most MPC members agree on rate hold

Minutes from the MPC’s latest meeting reveal seven of the nine members voted to keep rates steady. Tim Besley voted to raise the cost of borrowing to 5.25%, while David Blanchflower again voted to cut rates to 4.75%. The MPC faces touch decisions to balance the risk of rising inflation, which hit 3.8% in June, with the possibility of a severe economic slowdown. Analysts broadly expect the bank to keep rates on hold for the next few months, but Besley’s vote to raise interest rates has surprised financial markets. If you would like to comment on this story, contact: John Bakie Tel: 020 ...