Interest rates: Rise more unlikely as new MPC member votes to keep the status quo

22nd June 2011

The newest member of the Bank of England's interest rate setting body the Monetary Policy Committee has voted against an interest rate rise.

The Guardian reports that Ben Broadbent, who replaced arch-hawk Andrew Sentance, helped the MPC vote 7-2 in favour of holding rates at 0.5%.

In his latest blog Simon Ward, chief economist at Henderson says the MPC is wrong to ignore rising monetary velocity.

See also: Risk of a Rate Rise – A ‘War on Two Fronts'

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