Mirroring last month's split David Blanchflower was the lone member to call for a cut suggesting that the base rate should be dropped to 4.75%.
Minutes from the meeting also reveal many members considered raising the rate in reaction to the inflationary threat surfacing in the UK.
The release says: "An unexpected increase in Bank Rate might be counter productive by appearing to exaggerate the MPC's concerns about the medium-term prospects for inflation.
"The MPC should continue to judge, one month at a time, how activity growth and inflation expectations developed in response to slowing demand and rising short-term inflation."
SOURCE: Mortgage Strategy |
