18
Feb
Minutes show strong MPC backing for cut
All but one of the nine members of the Bank of England's monetary
policy committee (MPC) supported this month's move to trim the base
rate by 0.5 per cent to a new record low of one per cent, it has
been revealed.
Minutes of the meeting showed that the sole dissenting voice came
from David Blanchflower, who wanted the rate lowered further to 0.5
per cent.
The way each member voted was identical to last month, something
that may indicate that more cuts will be on the way in forthcoming
meetings.
Such reductions could help lower the cost of mortgages, enabling
more first-time buyers to afford to get on the property
ladder.
Earlier this week MPC member and Bank deputy governor Charles Bean
told the National Farmers' Union conference in Birmingham that the
body will "probably" have to act again to keep inflation within its
target range.
