Members of the Monetary Policy Committee voted 9-0 to keep the base rate unchanged at 4.75% earlier this month, minutes reveal.
Nobody argued for an increase, as data relied on for the voting decision pointed to a short-term weakening in output in the UK, coupled with a softening housing market. However, the minutes also reveal the Bank of England is also concerned about signs of inflation ahead. A pound weakening on the back of falling market interest rates coupled with improving equities prices could point to higher inflation ahead, the minutes conclude. IFAonline
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