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Bank Charges: MPC members still remain split on policy

Members of the Monetary Policy Committee (MPC) still remain split on how best to stimulate the economy, according to official minutes.

In their most recent meeting (December 8th and 9th.), members of the Bank of England's rate-setting body voted three different ways in regards to interest rates and the government's quantitative easing (QE) programme.

Overall, seven members out nine voted to keep the base rate at 0.5 per cent and not inject any more funds into the economy via the QE scheme.

However, Andrew Sentance yet again called for a rise in interest rates of 0.25 per cent, while Adam Posen urged the Bank to stimulate the economy by adding to the £200 billion QE scheme.

The minutes also revealed that the MPC believes that economic troubles in Europe are likely to hit Britain. .

"It could hamper the ongoing process of balance sheet strengthening by the UK banks, which could in turn put renewed pressure on the cost and availability of credit to UK households and companies, especially if it were associated with a further withdrawal from UK lending markets by some euro-area banks," it said.

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance ADNFCR-2776-ID-800308047-ADNFCR

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