14:29 PM, 8th January 2015, About 7 years ago 2
The Bank of England Monetary Policy Committee (MPC) have voted to hold the Base Rate for another month at 0.5%. It has been at this level since March 2009.
This is after inflation fell to a 12 year low recently to under 1% with predictions for it to fall even lower after the price of Oil dipped below $50 a barrel, from a high of nearly $116 in June.
Growth of GDP in the UK is slowing compared to expectation and in the EU we are seeing countries with deflation (negative inflation).
The Bank of England will publish voting records and reasons behind its latest policy decision on 21 January. However two out of the nine members of the MPC, Ian McCafferty and Martin Weale, voted for a rate rise in the last 5 months. It is now difficult to see where inflationary pressure is going to come from at the moment other than a continued drop in unemployment even if average earnings do not seem to be rising yet off the back of this.
We will have to see how Economics and Politics affects the price of oil in the coming months and if these reduced costs of supply can stimulate growth. Otherwise I can’t see any pressure on a rate rise this year unless we get lucky and there is a major global turn around.
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