BoE on hold as inflation looks set to soar to 4%
Committee hints at need for “modest tightening” soon
The Bank of England’s Monetary Policy Committee (MPC) voted to keep interest rates unchanged at its meeting today (August 5), despite predicting a further jump in inflation.
The committee unanimously voted to keep interest rates at 0.1%, but voted by a majority of 7:1 to keep the stock of government bond purchases at £875 billion ($1.2 trillion).
Michael Saunders was the sole dissenter. He voted to reduce the target stock of bond purchases to £830 billion.
There were only eight MPC members at
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