18 Feb

Minutes show strong MPC backing for cut

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.

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