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PPI: MPC minutes reveal three-way split over policy

The minutes for the most recent Monetary Policy Committee (MPC) meeting have revealed a three-way split over policy.

The Bank of England's MPC met last month to vote on interest rates and the government's quantitative easing (QE) programme.

Seven members of the MPC voted for no change in the base rate and decided against pumping more money into the economy via QE.

However, Adam Posen voted for an additional £50 million to be put into QE, while Andrew Sentance voted for interest rates to rise 0.25 per cent for the fifth consecutive month.

British Chambers of Commerce (BCC) backed Adam Posen's calls for the QE programme to restart.

"We believe that such a move is necessary given the expected impact on the economy of the forthcoming VAT increase and spending cuts," said David Kern, BCC chief economist.

"While we support the painful fiscal measures that the government is preparing to implement, it is important to reduce the risk of a downturn, and increasing the QE programme can play an important role in sustaining demand in the economy."

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance. ADNFCR-2776-ID-800127622-ADNFCR

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