Bank of England holds base rate again - July meeting
The Bank of England’s Monetary Policy Committee (MPC) has once again voted to hold base rate at 0.5%.
It was the first time the MPC released its decision and minutes on the same day, but it made little difference. The Committee maintained base rate for the 77th consecutive month.
Ian McCafferty was the only member of the MPC who voted for an increase. He wanted a rise of 0.25%, but the other seven members voted to leave the rate unchanged.
The minutes from this week’s meeting explain: “All members agree that, given the likely persistence of the headwinds weighing on the economy, when Bank Rate does begin to rise, it is expected to do so more gradually and to a lower level than in recent cycles.
“The actual path Bank Rate will follow over the next few years will depend on the economic circumstances.”
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