Wednesday, March 19, 2008
A 7-2 vote and dovish minutes from the Bank
Posted by David Smith at 10:00 AM
Category: Thoughts and responses

The Bank of England's monetary policy committee (MPC) voted 7-2 to keep Bank rate unchanged at 5.25% earlier this month, Sir John Gieve (joint deputy governor) joining David Blanchflower in voting for a cut. The tone of the minutes suggested the MPC is more concerned about the downside risks to growth than the upside risks to inflation and brings into play the possibility of an April cut, though May is still favoured by most analysts. The minutes are here.