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Bank charges: pound fell after BoE released minutes

Following the Bank of England’s (BoE) release of minutes from their latest meeting from the Monetary Policy Committee, the pound has fallen.

In its minutes, the committee said that it is in no hurry to reach their two per cent target on inflation rates. It said that it would aim to do this “over a longer time horizon than usual”.

After the minutes were released, the pound fell 0.75 per cent against the dollar. Analysts have suggested that the pound may continue to fall further.

The governor of BoE, Sir Mervyn King, voted alongside two other colleagues on the committee in favour of expanding quantative easing programme from £375 billion to £400 billion. This would see them buying more assets in the hope that Britain would receive a return on its investment. However, they were in the minority as the other six committee members voted against this.

It was detailed in the minutes that the committee felt that increasing Britain's assets may not help to decrease inflation. They felt that Britain’s economy is not as strong enough to ensure this.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801544133-ADNFCR



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