The Bank of England's Monetary Policy Committee (MPC) continues to be split on interest rates as UK inflation remains at a two-and-a-half-year high, minutes of its latest meeting show.
At the meeting earlier this month, the committee decided to keep the base rate at 0.5% - the historic low first set back in March 2009 - while also maintaining the quantitative easing (QE) programme at £200bn. According to the minutes, only Spencer Dale and Martin Weale of the nine-man committee sought to increase rates, by 25 basis points. In the previous meeting, Andrew Sentance, in his final month as an MPC member, called for an increase to 1%. Inflation remained at a two-and-a-half year high of 4.5% in May - more than twice the Bank of England's target. On quantitative easin...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
