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Loan protection: MPC member votes for rates rise

A member of the Monetary Policy Committee (MPC) voted for a rise in interest rates for the third consecutive month, it has been revealed.

Minutes from this month's MPC meeting have been released which show that Andrew Sentance again voted for rates to rise by 0.25 per cent to 0.75 per cent.

However, Mr Sentance's views were not shared by his fellow members as the Bank of England's (BoE) rate setting body decided to keep the base rate at 0.5 per cent for the 18th consecutive month.

Despite inflation levels falling as the consumer price index fell to 3.1 per cent, inflation still remains above its target rate of 2 per cent.

James Knightley of mortgage and insurance providers ING claimed the bank is more likely to keep interest rates low until next year rather than focus on inflation.

He said: "Given growth is going to slow due to the severity of the UK's fiscal austerity package, and with lead indicators and consumer confidence already softening, we doubt the Bank will look to raise rates until next year at the earliest."

The MPC also decided not to pump any more money into the economy under its quantitative easing package. Around £200 billion has already been provided by the bank as part of this programme.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt. ADNFCR-2776-ID-800030964-ADNFCR

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