The Bank of England was split three ways over what to do about interest rates at the most recent meeting of the Monetary Policy Committee (MPC) on 4 May it has been revealed.
The minutes of the latest meeting of the member of the MPC show a majority vote of six members voted to hold interest rates at 4.5%. But Stephen Nickel voted for an immediate quarter point cut while David Walton voted for an increase from 4.5% to 4.75%. Interest rates have now been on hold at their current level for nine months but the news that two people on the eight member Committee voted for a change in the rate suggests increasing uncertainty over what to do next about the base rate. The minutes of the meeting say on balance the MPC felt there was no need to stimulate demand within t...
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