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Bank of England split on interest rates

The Monetary Policy Committee of the Bank of England has again voted to keep interest rates at 0.75% where they have been since August 2018. However, two members of the committee called for an immediate cut to rates to support the economy.

Michael Saunders and Jonathan Haskell, both voted to cut interest rates to 0.5%, from the current rate of 0.75% as they felt inflation, which currently stands at 1.7%, suggested that there was little risk that the economy would overheat in the medium term if interest rates were cut.

Financial markets believe rates will be cut to 0.5% in the next 12 months but any decision will depend on the nature and timing of Brexit.


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