Last MPC vote a close call

Instead, the rate stayed at 4.75% by a 5-4 vote. Economists say the arguments put forward in favour of a cut point the way to just that when next the MPC meets in early August. Expecations are any cut will be in the order of 25 basis points, as voted for by the four members at the last meeting. The specific arguments in favour of a cut include persistent high levels of household debt, which risk prolonging any economic slowdown, and evidence that national GDP growth has slowed. Energy prices threaten to both push up inflation while creating slower global economic growth, the m...