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A quarter point jump in the cost of borrowing, currently at 4 per cent, had been widely expected when the Bank of England's rate-setting Monetary Policy Committee meets this week.
But three of the nine Monetary Policy Committee (MPC) members voted to push the level up again - despite markets speculating that mortgage-payers and businesses might get some relief in the coming months.
Decision makers on the Bank’s Monetary Policy Committee (MPC) opted to hike the base rate from 3.5% to 4%, to help bring double-digit inflation under control.
However, in an unusual three-way disagreement, two members of the Bank’s decision-making Monetary Policy Committee (MPC) voted to hike the rate further, while one wanted to keep it unchanged.
Jonathan Haskel, a member of the Bank's Monetary Policy Committee (MPC), said further rises 'cannot be ruled out'.
LONDON (Reuters) – Megan Greene, who is due to join the Bank of England’s Monetary Policy Committee this week, said central banks should not assume that interest rates will settle back down at their pre-coronavirus levels along with lower inflation.
Source: https://www.shorenewsnetwork.com/2023/07/03/dont-assume-rates-and/
Most economists expect the Bank’s Monetary Policy Committee (MPC) to lift the base rate.
The Bank of England’s Monetary Policy Committee controls the Bank Rate, which is the main interest rate in the UK.
The Bank of England’s Monetary Policy Committee (MPC) will meet on Thursday for the final time this year to vote on interest rates.
The high January number increases pressure on the central bank’s Monetary Policy Committee to raise interest rates when it next meets on March 30.
Source: https://business.inquirer.net/385780/egypts-headline-inflation-surges-to-25-8-in-january
"The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has deferred its 293rd meeting scheduled for Monday and Tuesday, September 25 and 26, 2023, respectively.
This Thursday will see a Monetary Policy Committee (MPC) meeting at which rate setters will debate whether to raise interest rates to 5.5pc.
Younger and low-income workers could be forced to bear the brunt of the nation’s high interest rates, according to a member of the Bank of England’s decision-making Monetary Policy Committee (MPC).