Super Thursday: Bank of England holds interest rates at 0.5% as one rate-setter dissents with call for riseComments Off on Super Thursday: Bank of England holds interest rates at 0.5% as one rate-setter dissents with call for rise
In the minutes, the Bank said that the “the outlook for inflation meant that it was not necessary to change the policy stance at this meeting”.
Monetary Policy Committee member Ian McCafferty disagreed, however, preferring for rates to rise to 0.75%.
Economists had predicted that McCafferty would be joined by another of the bank’s well-known hawks Martin Weale in voting for a rate rise.
The minutes were released along with the rate decision, rather than two weeks after that fact as normal procedure dictates, as part of the Bank’s so-called Super Thursday.
Hawk: Ian McCafferty (Picture: Matt Writtle)
The Bank has also released its quarterly inflation report – which sets out the detailed economic analysis and inflation projections on which the Bank’s Monetary Policy Committee bases its interest rate decisions – and is holding a press conference to discuss the subject today.
Interest rates have been at the record low level of 0.5% since March 2009.
Financial markets are not currently expecting an interest rate rise until 2016.