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MPC split again over rates
21 August, 2008
The minutes for August’s MPC meeting to decide interest rates shows that yet again there was a three-way split.
For the second meeting in a row, seven members of the Monetary Policy Committee (MPC) voted to keep rates the same, whilst Timothy Besley voted to increase rates to 5.25% and Danny Blanchflower voted for a reduction to 4.75%.
The issues regarding inflation led to Besley’s position whilst the issues regarding the economy and recession warnings led to the call for a cut. September’s MPC decision will also make for interesting reading.