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Monetary Policy Committee split over interest rate decision

The Monetary Policy Committee was split over its decision to keep the interest rate standing still last month.


The published transcripts of their April meeting reveal that the final tally was 6-3 for keeping the rate at six per cent. The minority opinion wanted to raise it a quarter of a point to combat the rising pound.


The debate shows that if the pound stays the same or escalates further, the committee may act to raise the rates.


External member of the Bank of England committee DeAnne Julius testified before a House of Lords committee yesterday that increased government spending would add more pressure to raise interest rates.

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