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MPC leaves rates on hold

The Bank of England’s monetary policy committee decides to leave rates on hold for this month.

The Derbyshire head of intermediary support and development Tony Capon says: “Minutes from the 3-4 August meeting showed the bank’s nine-member MPC voted 5-4 in favour of the quarter-percentage-point cut.

“Todays decision clearly shows a less certain approach to further rate cuts from the committee and more evidence will be required before the Bank will consider a further cut. The earliest likely date for a cut in rates will be November to coincide with the quarterly inflation bulletin.”

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