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Monetary Policy Committee no longer unanimous on interest rates

20 Aug 2014

Although the Monetary Policy Committee (MPC) voted to keep interest rates unchanged at their monthly meeting on 6/7th August, two of the nine members voted for an immediate rate rise of 0.25%, to 0.75% - the first non-unanimous vote in three years

The conflicting pressures in the UK economy seem to be the rapid growth in UK employment versus the lack of wage growth - both important determinants of future inflation. The two MPC 'dissenters' argue that it is important to ensure the committee anticipate future inflation rises and 'get ahead of the curve', whilst the other members feel that now would be too far ahead of the curve, and may even nudge the economy towards the dangerous state of deflation

If you'd like to form an opinion of how you would vote, see here for the full MPC minutes


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