BoE Minutes Shows MPC Voted 8-1 To Maintain Interest Rate

(RTTNews) - The Monetary Policy Committee of the Bank of England voted 8-1 to retain key interest rate at 5% in its meeting held on June 4 and 5, the Minutes of the session showed Wednesday. David Blanchflower was the only member who voted against the proposition to hold the key interest rate. Blanchflower sought a reduction of 25 basis points.

The short-term outlook for CPI inflation had deteriorated further. The MPC stated that CPI inflation over the next year was likely to be higher than the central projection of the May inflation report.

The CPI inflation would peak around the end of 2008 and then it would start to fall back towards the 2% target. “The Committee continued to judge that a slowdown in activity, reducing pressure on supply capacity and helping to contain wage growth, would be necessary to ensure inflation returned to the 2% target,” the minutes stated.

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