Wednesday, July 23, 2008
The MPC's three-way split
Posted by David Smith at 10:00 AM
Category: Thoughts and responses

The two most "academic" members of the Bank of England's monetary policy committee (MPC) were diametrically opposed this month, David "Danny" Blanchflower voting for a quarter-point rate cut and Tim Besley favouring an increase of a similar amount. The other seven members opted for an unchanged 5% Bank rate. Nerves may be set on edge by the MPC's reference to August as the best time to communicate any rate change. The tone of the discussion appears to suggest, however, that the majority of committee members are happy to remain on hold. The minutes are here.