Overnight the Bank of England voted 1-0-8 (increase-decrease-hold) as expected and kept interest rates on hold at 0.5%. Taking a wait and see approach was the preferred option as the bank lowered its estimate for the UK’s economic growth in the third quarter of this year from 0.7% down to 0.6%. Of the Monetary Policy Committee, once again only Ian McCafferty voted for an increase in rates with some key quotes from the Monetary Policy Statement below: “Global developments do not as yet appear
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