MPC voted unanimously to hold interest rates at 4.5%

The MPC concluded that "on balance there had been little change in the short-term prospects for growth and inflation since the August Inflation Report", although some members felt the downside risks to demand had increased. The Committee feels the November forecast will provide it with an opportunity to assess both demand and supply issues within the economy and it also cited possible effects from oil prices as a consideration at the meeting on 6 October. While it says there is little sign that higher oil prices are feeding through into either wage settlements or medium-term inflation exp...