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The minutes from the last Monetary Policy Committee Meeting, held earlier this month, have backed up what many industry officials have already been predicting – that the base rate is likely to remain unchanged over the coming months, as MPC members and the Bank of England try to balance keeping a lid on inflation with boosting the struggling economy.
According to reports the minutes showed that there was a three way split amongst committee members, with the majority voting for interest rates to stay on hold at 5%. Seven members of the committee including the governor of the Bank of England, Mervyn King, voted to keep rates on hold, whilst David Blanchflower, who is often the one keen to cut interest rates, voted for a rate cut. One member of the committee, Tim Besley, actually voted for a rise in interest rates.
Officials have said that the fact the vote was split three ways shows just how difficult the situation is at present. The struggling economy has resulted in one member voting for a rate cut, soaring inflation resulted in another voting for a rate rise, whilst the current financial climate and hardship faced by many families has resulted in the majority voting for the rates to be kept on hold.
It is thought that the base rate is likely to be kept on hold for some months now, although some industry officials have not ruled out the prospect of a rate rise in the coming months. The minutes of the lasts meeting read: 'A rate change this month would be a surprise at a time when credit and other financial markets remained fragile, and any change in rates would be better communicated alongside the Bank's August inflation report.'
Whilst inflation levels have risen to 3.8%, way over the government's 2% target, recent reports have also further reflected the struggles that the economy is facing. Manufacturers have reported falling demand and orders over recent weeks, and a recent report showing a slump in retail figures has further increased concerns of recession. more ....
Some good news at last for drivers -
After months of soaring petrol prices, not to mention increasing food costs, higher bills, and tighter credit conditions, there has at last - 24th July 2008 more ....
