MPC voted 8-1 to make 0.25% cut

The Monetary Policy Committee’s (MPC) last meeting saw all members vote for a cut, though the majority felt that a small cut to 5.25% would be sufficient, according to minutes released today. David Blanchflower, known for his desire to keep rates low, voted to cut the interest rate by half a point to 5%. The voting pattern indicates the MPC is unlikely to make the big cuts seen in the US, where rates have been slashed by 2.25% since last summer to 3%. However, many analysts believe rates will fall to at least 5% by the end of the year. If you would like to comment on this story, contact:...