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MPC voted to hold rates by seven to two

by: Paul Robertson
  • 17/12/2014
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MPC voted to hold rates by seven to two
Seven members of the Bank of England Monetary Policy Committee (MPC) voted to maintain the Bank Base Rate at 0.5%, earlier this month.

The minutes of the committee meeting, held on 3 and 4 December, show just two members, Ian McCafferty and Martin Weale, voted against the proposition, preferring to increase Bank Rate by 25 basis points.

The MPC was also asked by the Bank and HM Treasury to extend access to the Funding for Lending Scheme (FLS) until early 2016 and to focus the schemes incentives towards supporting lending to small and medium-sized enterprises.

The MPC concluded this would have no material impact on its stance of monetary policy.

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